Eurozone GDP grows 3.9%, Portugal with the second largest rise

aPreliminary data from the Official Statistics Office of the European Union (EU) reveals that, in comparison on an annual basis, with the second quarter of 2021, gross domestic product (GDP) grew by 3.9% per country area. currency and 4% as a whole of the European Union, having grown by 5.4% and 5.5% in the first quarter, respectively

In a sequential comparison, with the previous quarter – January to March 2022 – the Eurozone economy advanced, between April and June, by 0.6% in both the Eurozone and the European Union, in line with the growth recorded in the first quarter of compared to the fourth quarter of 2021 (0.5% in the euro area and 0.6% in the 27 member states).

Data published today reveals that, on an annual basis, the Portuguese economy recorded the second highest growth among the 21 member states for which figures are available, with an increase of 6.9% (just behind Slovenia, at 8.3%), after the first quarter saw the largest increase year-over-year. in GDP, compared to the first quarter of 2021 (11.9%).

Compared to the first quarter of 2022, Portugal was one of four member states that recorded a GDP decline, albeit marginal, of -0.2%. Poland (-2.3%), Latvia (-1.4%) and Lithuania (-0.4%) were the other three countries that recorded the largest decline.

Eurostat also includes data on employment in the bulletin, but without providing specific numbers by member states, revealing that this indicator rose by 2.4% in the eurozone and 2.3% in the European Union, on an annual basis, which is slightly below the growth recorded. in the first quarter (2.9% and 2.8%, respectively).

In a series comparison, employment increased by only 0.3%, both within the single currency and in the European Union as a whole, after increases of 0.6% and 0.5%, respectively, in the previous quarter.

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