In Q3 2022 Latvia was the only European Union member state in which a drop in GDP was observed when compared to the same period of the year before, according to data reported by Eurostat on Tuesday, 15 November.
According to seasonally adjusted data, Latvia’s GDP has dropped by 0.4% when compared with Q3 2021.
The most rapid economic increase was observed in Cyprus (+5.4%), Portugal (+4.9%), Romania (+4.7%), Poland (+4.4%) and Hungary (+4.1%). Lithuania’s GDP increased by 2.5%. When compared with the same period of 2021, in Q3 2022 the average GDP increase observed was 2.4% in the European Union and 2.1% in Eurozone.
Compared with Q2 2022, GDP in both the EU and Eurozone has increased by 0.2%. Comparison between quarters indicates economic growth in 13 EU member states for which data is available. The most rapid drops were observed in Latvia (-1.7%) and Slovenia (-1.4%), whereas the most rapid growth was observed in Cyprus and Romania (+1.3% in both), as well as Poland (+0.9%). Lithuania’s economy increased by 0.4% during this period.
No data is available for Estonia, Ireland, Greece, Croatia, Luxembourg and Malta.