In the first quarter of 2022, seasonally adjusted GDP increased by 0.6% in the euro area and by 0.7% in the EU compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2021, GDP had grown by 0.2% in the euro area and 0.5% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 5.4% in the euro area and by 5.6% in the EU in the first quarter of 2022, after +4.7% in the euro area and +4.9% in the EU in the fourth quarter of 2021.

During the first quarter of 2022, GDP in the United States decreased by 0.4% compared with the previous quarter (after +1.7% in the fourth quarter of 2021). Compared with the same quarter of the previous year, GDP increased by 3.5% (after +5.5% in the fourth quarter of 2021).

GDP growth by Member State

Ireland (+10.8%) recorded the highest increase of GDP compared to the previous quarter, followed by Romania (+5.2%) and Latvia (+3.6%). Decreases were observed in Sweden (-0.8%), France (-0.2%) and Denmark (-0.1%).

GDP components and contributions to growth

During the first quarter of 2022, household final consumption expenditure decreased by 0.7% in the euro area and by 0.5% in the EU (after -0.3% in both the euro area and the EU in the previous quarter). Government final consumption expenditure decreased by 0.3% in both the euro area and the EU (after +0.4% in the euro area and +0.5% in the EU in the previous quarter). Gross fixed capital formation increased by 0.1% in the euro area and by 0.7% in the EU (after +3.1% and +2.7% respectively). Exports increased by 0.4% in both the euro area and the EU (after +2.7% and +2.9%). Imports decreased by 0.6% in the euro area and by 0.2% in the EU (after +4.7% and +4.2%).

Household final consumption expenditure had negative contributions to GDP growth in both the euro area and the EU (-0.3 percentage points – pp in both zones). The contributions from government final expenditure were negative (-0.1 pp in both zones). The contribution of gross fixed capital formation was negligible for the euro area and positive for the EU (0.0 pp and 0.1 pp respectively). The contributions from the external balance were positive (0.4 pp for the euro area and 0.2 pp for the EU). The contributions from changes in inventories were positive for both zones (0.6 pp for the euro area and 0.7 pp for the EU).

GDP levels in the euro area and EU

Based on seasonally adjusted figures, GDP volumes in the euro area and EU were 0.8% and 1.5% respectively above the level recorded in the fourth quarter of 2019, before the COVID-19 outbreak.