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Euro area growth was stronger than originally forecast in Q1 2022, with GDP rising 0.6% Q/Q in the three months to end March. Year-on-year, GDP rose 5.4% in the first quarter, outpacing both Eurostat's preliminary estimate and the forecasts of financial market analysts, which both saw y/y growth at 5.1%.
The upwardly-revised GDP in Q1 left volumes in the euro area 0.8% above the level recorded in the fourth quarter of 2019, before the COVID-19 outbreak.
The data will make interesting reading for the European Central Bank ahead of their June policy meeting, confirming that growth remained strong in the first three months of the year. However, the data only covered the first month of the war in Ukraine and will likely not be as strong in Q2.
Source: Eurostat
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.