Economic output crept 0.1% higher in the last three months of 2022 from the previous quarter, European Union statistics agency Eurostat reported Tuesday, avoiding an outright downturn as warmer-than-usual winter weather shelved fears of energy rationing.
For all of 2022, the economy grew 3.5%, outpacing the 2.1% expansion in the U.S. and China’s 3% growth last year, according to AP.
The countries that share the euro currency — 19 in 2022, now 20 after Croatia joined the eurozone in the new year — appeared to have avoided the worst case scenario: forced industrial shutdowns from running out of natural gas after Russia halted most supplies. Warmer weather and efforts to find new supply that comes by ship instead of pipeline from Russia have eased that worry for now.
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