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

March 08, 2023

In the revised GDP estimate for Q4 2022, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was down 0.4% in the European Union (EU27) and down 0.1% for the Euro Area (EA19, a subset of the EU27 nations). Growth declined from the previous quarter which recorded growth of 1.5% in the EU27 and 1.5% in the EA19. Both were revised down from the flash estimate previously released. 

Among the Member States for which data are available for the fourth quarter of 2022, Iceland, Greece, and Malta recorded the highest increases compared to the previous quarter. The largest declines were reported in Poland and Estonia. 

The European Union economy was 2.8% larger compared to the pre-pandemic period Q4 2019, while the Euro Area economy was up 2.4% from pre-pandemic levels in Q4 2022. 

In 2022, GDP grew 3.5% in both the European Union and the Euro Area.


In Q4 2022, real GDP decline is attributable to lower gross fixed capital formation, household consumer expenditures, and exports. The drivers of Q4 2022 real GDP decline were the same for both the European Union and the Euro Area.



Source: Eurostat

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