EU economy grows in Q1 2022, pace slightly slower than Q4 2021

19 May '22

1 min read

Pic: Shutterstock

The European Union (EU) economy continued to grow in the first quarter (Q1) this year, but at a slightly slower pace compared with the previous quarter. The Russia-Ukraine war is weighing on Europe’s economy, worsening supply bottlenecks, pushing up consumer prices and weakening business and consumer confidence, according to the May edition of European Statistical Recovery Dashboard.

Eurostat released the latest edition of the interactive dashboard recently.

In March 2022, industrial production and retail trade dropped but remained above their pre-pandemic levels. Inflation showed signs of a further rise, but at a slower pace, across EU member states in April this year.

EU economic sentiment fell for the second month in a row in April 2022, dropping below its pre-pandemic level. This decline was driven by worsening confidence in industry, retail trade, construction and among consumers, while the confidence indicator remained unchanged in services, EU statistical office Eurostat said in a press release.

According to a new environmental indicator in the dashboard, EU greenhouse gas emissions stood at 2.33 tonnes per capita in Q4 2021—3.6 per cent up compared with the same quarter in 2019.

Fibre2Fashion News Desk (DS)

More European Union News... More Textiles News - Belgium...