In most European countries at the end of last year there was a slowdown in the growth of economic indicators. In the 19 eurozone countries, economic growth in the last three months of 2021 was 0.3 percent, the European Union's statistics agency said. In July-September 2021, it reached 2.2 percent. For example, growth in Germany, which is the engine of the eurozone economy, fell by 0.7 percent in the fourth quarter of 2021.

For the year as a whole, cumulative economic growth in the EU was 5.2 percent, which, according to the Associated Press, indicates that the recovery of the European economy during the pandemic is slower than in the United States, where economic growth in 2021 was 5.7 percent.

This factor, according to economists, is due to the fact that the United States allocated more federal funds to stimulate the economy than in Europe. At the same time, inflation in the eurozone in December amounted to a record five percent, and the unemployment rate in November reached 7.2 percent.

The main reason for the economic slowdown in Europe was the surge in COVID-19 cases, which led to new and changing restrictive measures and deterred consumers from spending on restaurants, hotels and entertainment. In EU member states, experts say, the supply chain has also been disrupted, due to which the eurozone's export-oriented manufacturing sector cannot fully fulfill orders. In addition, higher prices for oil, natural gas and electricity are placing a burden on businesses and consumers. According to economists at UniCredit Bank, eurozone economic growth "may weaken further" in the first quarter of 2022.

bbabo.Net