Briefing: EU economic developments and projections
This briefing provides a summary of the recent economic developments in the EU Member States and gives an overview of relevant economic projections forecasted by major international and EU institutions. It is published under strained conditions. The full impacts of the Russian war on Ukraine are still difficult to determine and it should be also noted that due to rapidly changing environment, even the projections that were published after the outbreak of the war, become outdated relatively quickly.
According to the latest Eurostat quarterly data, the preliminary flash estimate of the seasonally-adjusted quarterly Gross Domestic Product (GDP) in the euro area (EA) grew by 0.3% in the first quarter of 2022 compared to the previous quarter, while the growth in the EU was 0.4% during the same period (compared to the fourth quarter of 2021 results, GDP growth in EA remained unchanged, while in the EU is was 0.1 percentage points lower). Romania (+5.2%), Portugal (+2.6%) and Austria (+2.5%) recorded the largest increases in GDP compared to the previous quarter, while declines were observed in Sweden (-0.4%), Italy (- 0.2%) and Denmark (-0.1%)
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