According to preliminary data published on Friday, April 29, the economies of the 19 euro area countries grew by 0.2% in the first quarter, 0.1% less than in the last quarter of 2021. The GDP of the European Union grew by 0.4%.
In particular, the GDP of Germany, the largest economy in the euro area, grew by 0.2%, the GDP of France, the second largest economy in the euro area, remained unchanged, and the GDP of Italy, the third largest economy in the euro area, fell by 0.2%. Combined with high inflation, economists are talking about the beginning of stagflation in France and Italy.
The best economic performance in Europe is in Portugal (2.6%), Austria (2.5%) and Latvia (2.1%). The Swedish economy shrank by 0.4%.