Omicron Variant Slowed Eurozone GDP Q/Q.
London, Monday, 31 January 2022-
As the omicron coronavirus variant spread across the European continent later in the year, restrictions hurt the services sector, and labour shortages persisted due to illness or quarantine rules, preliminary estimates showed that the Euro Area economy grew by 0.3 percent quarter on quarter in the last three months of 2021, the slowest growth in three quarters.
Nonetheless, the statistics were in line with market expectations. The German economy decreased by 0.7%, partially offsetting growth in France (0.7%), Italy (0.6%), and Spain (0.6%). (2 percent ).
In total, the Eurozone GDP increased by 5.2 percent in 2021, somewhat higher than the ECB's forecast of 5.1 percent and following a 6.4 percent contraction in 2020. The central bank predicts a 4.2 percent increase in 2022.
(Editing by: The Decision Maker)