BusinessToday Previous Editions

5 NEWS 8.9.2022 IN the second quarter of 2022, seasonal- ly adjusted GDP increased by 0.8% in the euro area and by 0.7% in the EU compared with the previous quarter, according to an estimate published by Eurostat, the statis- tical office of the European Union. In the first quarter of 2022, GDP had grown by 0.7% in the euro area Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.1% in the euro area and by 4.2% in the EU in the second quarter of 2022, after +5.4% in the euro area and +5.5% in the EU in the first quarter of 2022. During the second quarter of 2022, GDP in the United States decreased by 0.1% compared with the previous quarter (after -0.4% in the first quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.7% (af- ter +3.5% in the first quarter of 2022). GDP growth by Member State e Netherlands (+2.6%) recorded the highest increase of GDP compared to the previous quarter, followed by Romania (+2.1%) and Croatia (+2.0%). Decreases were observed in Poland ( 2.1%), Estonia ( 1.3%), Latvia ( 1.0%) and Lituania ( 0.5%). GDP components and contributions to growth During the second quarter of 2022, household final consumption expendi- ture increased by 1.3% in the euro area and by 1.2% in the EU (after 0.0% in both the euro area and the EU in the previous quarter). Government final consumption expenditure increased by 0.6% in both the euro area and the EU (after +0.2% in the euro area and +0.1% in the EU in the previous quarter). Gross fixed capital formation increased by 0.9% in the euro area and by 0.7% in the EU (after 0.8% and 0.0% respectively). Exports increased by 1.3% in the euro area and by 1.4% in the EU (after +1.2% and +1.0%). Imports increased by 1.8% in the euro area and by 1.9% in the EU (after 0.2% and +0.2%). Household final consumption expend- iture had positive contributions to GDP growth in both the euro area and the EU (+0.6 percentage points – pp in both zones). e contributions from govern- ment final expenditure were also positive (+0.1 pp in both zones). e contributions of gross fixed capital formation were pos- itive for the euro area and for the EU (0.2 pp in both zones), too. e contributions from the external balance were negative ( 0.2 pp for both the euro area and the EU). e contributions from changes in inven- tories were negligible for both zones. GDP levels in the euro area and EU Based on seasonally adjusted figures, GDP volumes in the euro area and EU were 1.8% and 2.3% respectively above the level recorded in the fourth quarter of 2019, before the COVID-19 outbreak. For the United States, GDP was 2.6% higher than the level of the fourth quarter of 2019. Employment growth in the euro area and EU e number of employed persons in- creased by 0.4% both in the euro area and in the EU in the second quarter of 2022, compared with the previous quarter. In the first quarter of 2022, employment had increased by 0.7% in the euro area and by 0.5% the EU. Compared with the same quarter of the previous year, employment increased by 2.7% in the euro area and by 2.4% in the EU in the second quarter of 2022, after +3.1% in euro area and +2.9% in the EU in the first quarter of 2022. Hours worked increased by 0.6% in the euro area and by 0.5% in the EU in the second quarter of 2022, compared with the previous quarter. Compared with the same quarter of the previous year, the in- creases were 3.7% in the euro area and 3.0% in the EU (see annex table on em- ployment in hours worked). ese data provide a picture of labour input consistent with the output and in- come measure of national accounts. Employment growth in Member States In the second quarter of 2022, Lithua- nia (+3.1%), Czechia and Ireland (both +1.6%) recorded the highest growth of employment in persons compared with the previous quarter. Employment de- clined in Spain ( 1.1%), Portugal ( -0.7%), Estonia (-0.6%), Romania (-0.5%) and Croatia (-0.4%). Employment levels in the euro area and EU Based on seasonally adjusted figures, Eurostat estimates that in the second quarter of 2022, 213.4 million people were employed in the EU, of which 164.1 million were in the euro area. In relation to the COVID-19 pandem- ic, employment in persons in the euro area was 2.7 million above the level of the fourth quarter of 2019, and 3.5 million above this level in the EU. Evolution of labour productivity in the euro area and EU e combination of GDP and employ- ment data allows an estimation of labour productivity. e analysis of growth com- pared to the same quarter of the previous year shows that productivity growth fluc- tuated around 1% for both zones between 2013 and 2018 before the COVID-19 pandemic caused high volatility in 2020. In the second quarter of 2022, produc- tivity based on persons increased by 1.5% in the euro area and 1.8% in the EU com- pared to the same quarter of the previous year. Based on hours worked, productivity compared to the same quarter of the pre- vious year increased by 0.3% in the euro area and by 1.0% in the EU. GDP up by 0.8% and employment up by 0.4% in the euro area EMBARGO: Wednesday 7 September 2022 - 11:00 CET 100/2022 - 7 September 2022 GDP main aggregates and employment estimates for the second quarter of 2022 GDP up by 0.8% and employment up by 0.4% in the euro area In the EU, GDP up by 0.7% and employment up by 0.4% GDP growth in the euro area and the EU In the second quarter of 2022, seasonally adjusted GDP increased by 0.8% in the euro area and by 0.7% in the EU compared with the previous quarter, according to an estimate published by Eurostat, the statistical office of the European Union. In the first quarter of 2022, GDP had grown by 0.7% in the euro area and 0.8% in the EU. Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 4.1% in the euro area and by 4.2% in the EU in the second quarter of 2022, after +5.4% in the euro area and +5.5% in the EU in the first quarter of 2022. -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 Euro area EU United States GDP growth rates over the previous quarter % change, based on seasonally adjusted data -18 -16 -14 -12 -10 -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 Euro area EU United States GDP growth rates over the same quarter of the previous year % change, based on seasonally adjusted data GDP components and contributions to growth During the second quarter of 2022, household final consumption expenditure increased by 1.3% in the euro area and by 1.2% in the EU (after 0.0% in both the euro area and the EU in the previous quarter). Government final consumption expenditure increased by 0.6% in both the euro area and the EU (after +0.2% in the euro area and +0.1% in the EU in the previous quarter). Gross fixed capital formation increased by 0.9% in the euro area and by 0.7% in the EU (after -0.8% and 0.0% respectively). Exports increased by 1.3% in the euro area and by 1.4% in the EU (after +1.2% and +1.0%). Imports increased by 1.8% in the euro area and by 1.9% in the EU (after -0.2% and +0.2%). Household final consumption expenditure had positive contributions to GDP growth in both the euro area and the EU (+0.6 percentage points – pp in both zones). The contributions from government final expenditure were also positive (+0.1 pp in both zones). The contributions of gross fixed capital formation were positive for the euro area and for the EU (0.2 pp in both zones), too. The contributions from the external balance were negative (-0.2 pp for both the euro area and the EU). The contributions from changes in inventories were negligible for both zones. -3 -2 -1 0 1 2 3 Netherlands Romania Croatia Ireland Austria Greece Spain Italy Hungary Denmark Slovenia Finland Sweden Euro area Bulgaria Malta EU Cyprus Czechia France Slovakia Belgium Germany Portugal Lithuania Latvia Estonia Poland % change over the previous quarter, based on seasonally adjusted data Luxembourg: data not available -1 0 1 2 3 2021Q3 2021Q4 2022Q1 2022Q2 Euro area Household & NPISH final consumption expenditure Government final consumption expenditure Gross Fixed Capital Formation Changes in Inventories External balance GDP growth rate -1 0 1 2 3 2021Q3 2021Q4 2022Q1 2022Q2 EU Decomposition of GDP growth by expenditure aggregates Contributions to growth (over the previous quarter) in percentage points

• Cover