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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

December 07, 2022

In the revised GDP estimate for Q3 2022, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was 1.4% in the European Union (EU27) and 1.3% for the Euro Area (EA19, a subset of the EU27 nations).  Both were revised up from the preliminary estimate previously released. 

Among the Member States for which data are available for the third quarter of 2022, Ireland, Cyprus, Malta, and Romania recorded the highest increases compared to the previous quarter. The largest declines were reported in Estonia, Latvia, and Slovenia. 

The European Union economy was 2.8% larger compared to the pre-pandemic period Q4 2019, while the Euro Area economy was up 2.2% from pre-pandemic levels in Q3 2022. 

In Q3 2022, real GDP growth is attributable to higher gross fixed capital formation, household consumer expenditures, and exports. The drivers of Q3 2022 growth were the same for both the European Union and the Euro Area.

Source: Eurostat

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