The gross domestic product of the European Union increased by 5.2 percent year-on-year in the first three months of this year. This is according to a preliminary estimate by Eurostat, the statistical office of the European Union.
In annual terms, the EU economy increased its growth momentum in the first quarter. In fact, it grew by 4.9 percent in the last quarter of 2021 and by only 4.2 percent in the third quarter. However, on a quarter-on-quarter basis, the EU27 economy expanded less than in the October-December period.
The situation in Italy or Sweden is not enviable
Some EU Member States are even on the verge of recession or are already facing it. France recorded a net zero in quarter-on-quarter terms. Italy and Sweden fell by 0.2 and 0.4 percent quarter-on-quarter respectively in the first quarter of this year. Very weak growth was recorded in Belgium or Spain, whose economies expanded by only 0.3 percent quarter-on-quarter.
Portugal and Austria recorded the highest growth
Quarter-on-quarter, Portugal’s GDP grew fastest (2.6 percent), followed by Austria (2.5) and Latvia (2.1). Portugal’s economic performance rose the most year-on-year, by almost 12 percent.