According to Eurostat, the European Union (EU) economy experienced zero growth in the fourth quarter of the previous year (Q4 2022), avoiding a decline despite exceptionally bad shocks. The number of bankruptcies declared in the EU increased during the same quarter, surpassing pre-pandemic levels. While declining in December, EU industrial production and retail commerce nevertheless exceeded their pre-pandemic levels.
While the unemployment rate remained stable and below its pre-pandemic level in December, the EU labour market continued to experience substantial growth, according to Eurostat, which recently released the February edition of the interactive European Statistical Recovery Dashboard.
In comparison to the lowest number for the same month in the period from 2016 to 2019, EU power consumption was 9% lower in November 2022.
