(Eurostat) The gross domestic product increased by 0.3% in the euro area in the fourth quarter of 2021 from the previous quarter. The gain was lower than an increase of 2.3% in the third quarter.
In the EU, GDP grew by 0.4%, lower than an expansion of 2.2% in the third quarter.
Compared to the previous year, GDP increased by 4.6% and 4.8% in the euro area and EU, respectively.
For the full year 2021, the euro area and EU’s GDP grew by 5.3%, compared to a slump of 6.4% and 5.9%, respectively, in 2020.
GDP in the euro area and EU has now expanded slower than the US in the fourth quarter, with the latter posting a 1.7% gain from the third quarter.
The highest GDP gains were posted in Malta, Spain, and Hungary. Declines were observed the highest in Ireland, Austria, Germany, Croatia, Latvia, and Romania.
The euro area and EU GDP levels are now 0.2% and 0.6%, respectively, higher than the pre-pandemic fourth quarter of 2019.
On the employment front, the number of employed persons rose by 0.5% in both the euro area and EU in the last quarter of 2021 from the third quarter. The increase was slower than 1.0% and 0.9% gain in the euro area and EU, respectively, in the third quarter.
On a year over year basis, euro area employment rose by 2.2% in the fourth quarter, while the EU was a 2.1% gain.
For the full year 2021, employment rose by 1.1% in the euro area and 1.2% in the EU, compared to declines of 1.5% and 1.4%, respectively, in 2020.
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