In the fourth quarter of 2022, seasonally adjusted GDP increased by 0.1% in the euro area and remained stable in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the third quarter of 2022, GDP had grown by 0.3% in both the euro area and in the EU. According to a first estimation of annual growth for 2022,

based on seasonally and calendar adjusted quarterly data, GDP increased by 3.5% in the euro area and by 3.6% in the EU. These preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.9% in the euro area and by 1.8% in the EU in the fourth quarter of 2022, after +2.3% in the euro area and +2.5% in the EU in the previous quarter.

Among the Member States for which data are available for the fourth quarter of 2022, Ireland (+3.5%) recorded the highest increase compared to the previous quarter, followed by Latvia (+0.3%), Spain and Portugal (both +0.2%). The highest declines were recorded in Lithuania (-1.7%) as well as in Austria (-0.7%) and Sweden (-0.6%). The year-on-year growth rates were positive for all countries except for Sweden (-0.6%) and Lithuania (-0.4%).