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In the second quarter of 2022, seasonally adjusted GDP in the euro area increased by 0.6% compared to the previous quarter. This is what was communicated by Eurostat, the statistical office of the European Union. Reading that is slightly lower than + 0.7% of the first flash reading. In the first quarter of 2022, GDP grew by 0.5% in the euro area.
According to the latest Bloomberg survey, the risk of a recession in the euro area has reached its highest level since November 2020 as energy shortages threaten to drive inflation further. The likelihood of a contraction in GDP for two consecutive quarters has risen to 60% from the previous 45% and from 20% before Russia invaded Ukraine.