August 23, 2022
In the EU, GDP up by 0.6% and employment up by 0.3%
GDP growth in the Euro Area and EU
In Q2 2022, seasonally adjusted GDP grew by 0.6% relative to the previous quarter in both the Euro area and in the European Union according to data provided by Eurostat, the statistical office of the European Union. Q1 2022 growth was recorded at 0.5% in the Euro area and by 0.6% in the European Union.
Relative to Q2 2021, seasonally adjusted GDP grew by 3.9% in the Euro area and 4.0% in the EU, this after a 5.4% and 5.5% increase in the Euro area and EU respectively in the previous quarter of 2021.
Q2 2022 GDP in the United States decreased by 0.2% relative to the previous quarter (after a 0.4% decline in the first quarter of 2022). Compared to Q2 2021, GDP increased by 1.6% (after a 3.5% increase in the previous quarter).
Employment growth in the Euro area and EU
In Q2 2022 the number of persons employed in both the Euro Area and EU increased by 0.3% relative to Q1 2022. In the first quarter of 2022 employment had increased by 0.6% in the Euro area and by 0.5% in the EU.
Compared to Q2 2021, employment increased 2.4% in the Euro area and by 2.3% in the EU in the second quarter of 2022, after a 2.9% increase in the Euro area and 2.8% increase in the first quarter of 2022.
These data provide a picture of labour input consistent with the output and income measures of national accounts.