The eurozone economy grew in the first quarter despite Omicron, Russia’s invasion of Ukraine

According to a second estimate, the eurozone economy grew in the first quarter, but only modestly, as the spread of the Omicron variant coronavirus and Russia’s invasion of Ukraine weighed on economic output.

In the 19 countries that use the euro as their currency, gross domestic product grew 0.3% quarter on quarter in the first three months of the year, the European Union’s statistics agency Eurostat said on Tuesday, against a first estimate of 0 .2% for the period and compared to a 0.3% increase in the previous quarter. Economists polled by the Wall Street Journal forecast economic growth of 0.2%.

According to Eurostat, the economy grew by 5.1% year-on-year. This compares to a 5.0% growth expected by economists polled by the Wall Street Journal and the first estimate released by Eurostat.

Eurostat added that the number of employed citizens increased by 0.5% in the first quarter, compared to the previous quarter, when this number increased by 0.4%.

Write to Maria Martinez at maria.martinez@wsj.com

https://www.marketwatch.com/story/eurozone-economy-grew-in-q1-despite-omicron-russias-invasion-of-ukraine-11652782382?rss=1&siteid=rss The eurozone economy grew in the first quarter despite Omicron, Russia’s invasion of Ukraine

Brian Lowry

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