EU economy grows 5.4% in 1st quarter

ISTANBUL

The gross domestic product (GDP) in the EU rose 5.4% in the first quarter of 2022, compared to the same period last year, the bloc’s statistical body said on Wednesday, revising its earlier estimates.

In its preliminary estimates released in April, Eurostat had put the growth rate at 5.2% for the first quarter.

It also revised its month-on-month estimates from 0.4% to 0.6%.

Portugal posted the highest annual GDP growth with 11.9%, followed by Ireland with 11.3% and Slovenia with 9.6%.

On a quarterly basis, Sweden saw a decline of 0.8%, France 0.2% and Denmark 0.1%.