Eurozone, EU Economy, Employment Grow in First Quarter

Source: Eurostat

Economic growth in both the eurozone and the European Union accelerated in the first quarter, in line with the continued uptrend in employment. EZU is down 0.87%, while VGK is down 0.95%.

• The eurozone gross domestic product (GDP) posted an annual increase of 5.4%, faster than the 4.7% increase in the previous quarter.
• The EU growth rate stood at 5.6%, marking a faster expansion after the 4.9% recorded in the fourth quarter of 2021.
• Double-digit growth rates were recorded in Poland with 11.9% and in Estonia with 11.3%, marking the fastest among member states.
• The eurozone employment rate quickened to 2.9% from 2.1% the previous quarter and 2.0% the same quarter in 2021.
• The EU employment rate accelerated to 2.8% from 2.1% the quarter earlier and 2.0% in the first quarter of the past year.
• The highest rate was recorded in Ireland with 12.3%, followed by Iceland with 8.2%, and Greece with 8.0%.