The Eurozone economy expanded by 0.6% on the quarter in the three months to March of 2022 vs. 0.3% prior, the final revision confirmed on Wednesday. The market consensus was for a reading of 0.3% in the reported period.
On an annualized basis, the bloc’s GDP rate rose by 5.4% in Q1 vs. 5.1% booked in Q4 2021 while matching 5.1% expectations.
Meanwhile, the bloc’s Q1 Employment Change arrived at 0.6% QoQ and 2.9% YoY. The employment data surpassed expectations across the time horizon.
FX implications
EUR/USD was last seen trading at 1.0675, down 0.21% on the day. The euro failed to find any comfort from the upbeat Eurozone GDP and employment data, as the strength in the US dollar dominates.
About Eurozone GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).