Annual GDP rises 5.1% in euro area, 5.2% in EU in 1st quarter of 2022

By Ovunc Kutlu

ANKARA (AA) - The gross domestic product (GDP) rose 5.1% in the euro area and 5.2% in the EU in the first quarter of 2022, compared to the same quarter of last year, according to a flash estimate by Eurostat on Tuesday.

On a quarterly basis, GDP increased 0.3% in the euro area and 0.4% in the EU during the January-March period of this year, compared with the previous quarter, the statistical office said in a statement.

In the fourth quarter of 2021, GDP grew 0.3% in the euro area and 0.5% in the EU.

On an annual basis, Portugal recorded the highest GDP growth rate with 11.9%, followed by Poland at 9.1% and Austria at 8.7%, according to the Eurostat figures.

While Romania registered the largest GDP growth rate on a quarterly basis with 5.2%, it was followed by Portugal at 2.6% and Austria at 2.5%.