The eurozone economy grew in the final quarter of 2022 despite economists’ predictions of a downturn, boosting hopes that the region will avoid a recession.
Milder weather and government support cushioned the impact of soaring energy prices, helping the region’s economy expand by 0.1 per cent between the third and fourth quarter, according to official data published by Eurostat on Tuesday.
The expansion was better than the 0.1 per cent drop forecast by economists polled by Reuters. The same survey had also predicted another quarter of contraction during the first three months of 2023.
Bert Colijn, senior economist at ING, the bank, said the region’s economy was showing “incredible resilience” in the face of the energy crisis triggered by Russia’s invasion of Ukraine.
Tuesday’s data means that the region managed to grow in each quarter of 2022 and by 3.5 per cent over the course of the year.
John Leiper, chief investment officer at Titan Asset Management, said the…
