The eurozone removes the risk of recession by growing 0.1% in the fourth quarter of 2022

Eurozone growth slowed substantially in the fourth quarter of 2022, when the region's gross domestic product (GDP)

. according to preliminary data published by Eurostat.

In this way, despite the fact that the expansion of the euro zone stopped at the end of last year to the lowest level since the first quarter of 2021, the region removes the risk of technical recession, which implies two consecutive quarters of contraction in activity.

"Good news: the euro area avoided a contraction in the last quarter of 2022. We continue to face multiple challenges, but the outlook for this year looks a little brighter today than in the autumn," said the European Commissioner for the Economy,

, through the social network Twitter after knowing the data.

In the European Union (EU) as a whole, GDP growth stagnated in the fourth quarter of 2022, after the expansion of three tenths observed in the third quarter of last year.

while that of the whole of the Twenty-seven was 1.8%.

Thus, according to a first estimate of annual growth for 2022, GDP increased by 3.5% in the euro area and 3.6% in the EU.

By comparison, US GDP growth in 2022 was 2.1%, after moderating to 0.7% in the fourth quarter.

Among the countries for which data were available, Ireland (+3.5%) posted the largest GDP increase in the fourth quarter compared to the previous three months, followed by Latvia (+0.3%),

(both +0.2%).

In contrast, the largest decreases were registered in Lithuania (-1.7%), as well as in Austria (-0.7%) and Sweden (-0.6%).

Eurostat plans to publish a second estimate of GDP growth data for the fourth quarter on February 14.

According to the latest projections from the International Monetary Fund (IMF), published this morning,

, compared to the previously estimated 0.5%, and 1.6% next year, two tenths less than anticipated in October.

Specifically, the IMF now forecasts that Germany will manage to grow by 0.1% in 2023, when in October it anticipated a contraction of 0.3%, while for 2024 it expects a German expansion of 1.4%, one tenth less than in October, while for France it maintains the forecast of 0.7% this year and 1.6% a year later.

Likewise, the international organization has improved its forecast for Italy in 2023 by eight tenths, with 0.6%, although it lowers next year's four tenths, to 0.9%.

In the case of Spain,

, with reductions of one and two tenths, respectively, to 1.1% this year and 2.4% in 2024.

According to the criteria of The Trust Project

Know more

• European Union