European economic growth slows down
According to official data released by the European Statistics Agency on April 29, economy of the Eurozone growth in the first quarter was 0.2%, a lower increase than 0.3% in the same period last year.
Growth in the euro area as a whole was 0.4%, compared with 0.5% in the previous quarter. Meanwhile, due to high energy prices, consumer prices in this region in April increased by 7.5%, the highest level ever.
As for the member countries, the German Federal Statistics Service (Destatis) said that due to the impact of the conflict in Ukraine, in the first quarter of 2022, the German economy grew only at a very low rate, while import turnover increased to record levels in recent years. Germany’s gross domestic product (GDP) in the first quarter of 2022 increased by only 0.2% compared to the previous quarter.
According to French statistics agency INSEE, the country’s economic growth in the first quarter of 2022 fell to zero as families tightened spending due to high inflation and tensions in Ukraine.
This data is lower than the forecast of the French central bank, which said that the country’s economy in the first quarter of 2022 will grow by 0.25% compared to the same period last year, and end the strong economic recovery. of France after the COVID-19 pandemic.
Besides, annual inflation in France increased from 4.5% in March to 4.8% in April.
Sharing the same trend, Italy’s national statistics agency said the country’s economy in the first quarter of 2022 decreased by 0.2% compared to the previous quarter, as services and exports both fell. However, compared with the same period last year, the Italian economy grew by 5.8%.
Earlier, the Italian central bank warned that the country’s GDP would decline in the first quarter due to a rapid increase in new COVID-19 cases earlier this year and soaring energy prices.
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