The Euro Area economy expanded 5.4% year-on-year in the first three months of 2022, higher than initial estimates of 5.1%, and the biggest annual gain in three quarters. Household spending grew faster (7.5% vs 5.8% in Q4) and imports slowed (9.1% vs 10.8%). At the same time, growth remained robust for public spending (2.3% vs 2.5%), investment (3.7%, the same as in Q4) and exports (8.4% vs 8.9%). source: EUROSTAT

GDP Annual Growth Rate in the Euro Area averaged 1.57 percent from 1995 until 2022, reaching an all time high of 14.70 percent in the second quarter of 2021 and a record low of -14.70 percent in the second quarter of 2020. This page provides - Euro Area GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Euro Area GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.

GDP Annual Growth Rate in Euro Area is expected to be 2.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Euro Area GDP Annual Growth Rate is projected to trend around 2.40 percent in 2023 and 2.20 percent in 2024, according to our econometric models.

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Euro Area GDP Annual Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-05-17 09:00 AM YoY 2nd Est Q1 5.1% 4.7% 5% 5%
2022-06-08 09:00 AM YoY 3rd Est Q1 5.4% 4.7% 5.1% 5.1%
2022-07-29 09:00 AM YoY Flash Q2 5.4% 2.8%

Related Last Previous Unit Reference
GDP Growth Rate 0.60 0.20 percent Mar 2022
GDP Annual Growth Rate 5.40 4.70 percent Mar 2022
GDP Constant Prices 2874.20 2856.36 EUR Billion Mar 2022
Gross Fixed Capital Formation 615.55 615.17 EUR Billion Mar 2022
Full Year GDP Growth 5.30 -6.40 percent Dec 2021
Gdp Growth Annualized 1.20 9.40 percent Dec 2021

Euro Area GDP Annual Growth Rate
The Euro Area is the second largest economy in the world. Of the 19 member states it includes, the biggest are: Germany (29 percent of total GDP), France (20 percent), Italy (15 percent) and Spain (10 percent). On the expenditure side, household consumption is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (21 percent) and government expenditure (20 percent). Exports of goods and services account for 47 percent of GDP while imports account for 43 percent, adding 4 percent of total GDP.
Actual Previous Highest Lowest Dates Unit Frequency
5.40 4.70 14.70 -14.70 1995 - 2022 percent Quarterly

News Stream
European Commission Cuts Eurozone Growth Forecasts
The European Commission revised the EU’s growth outlook downwards, and the forecast for inflation upward as Russia’s invasion of Ukraine exerts further upward pressures on commodity prices, causing renewed supply disruptions and increasing uncertainty. Real GDP growth in both the EU and the Euro Area is now expected at 2.7% in 2022 and 2.3% in 2023, down from 4.0% and 2.8% (2.7% in the Euro Area), respectively, in the Winter 2022 interim Forecast. Inflation in the Euro Area is projected at 6.1% in 2022 (vs 3.5% previously), before falling to 2.7% in 2023. Inflation is expected to peak at 6.9% in the second quarter of this year and decline gradually thereafter. For the EU, inflation is expected to increase from 2.9% in 2021 to 6.8% in 2022, and fall back to 3.2% in 2023. Average core inflation is projected above 3% in 2022 and 2023 in both the EU and the euro area.
EU Revises Upward Eurozone GDP Forecasts
The European Commission revised upwards its Eurozone GDP forecasts for 2021 and 2022, saying activity in the first quarter of the year exceeded expectations and the improved health situation prompted a swifter easing of pandemic control restrictions in the second quarter. The Eurozone is seen expanding by 4.8 percent this year and 4.5 percent in 2022, compared with May estimates of 4.3 percent and 4.4 percent, respectively. The Commission also said that real GDP is projected to return to its pre-crisis level in the last quarter of 2021, one quarter earlier than expected, but warned that it is essential to maintain policy support as long as needed as uncertainty and risks surrounding the growth outlook remain high. Inflation, which has been below the ECB target for years, should accelerate to 1.9 percent in 2021 and slow down to 1.4 percent in 2022.