BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Eurozone economic growth slowed in the fourth quarter, as initially estimated, due to the fall in household spending, revised data from Eurostat showed on Tuesday.
Gross domestic product grew 0.3 percent sequentially, following third quarter's 2.3 percent expansion. The rate came in line with the preliminary estimate published on February 15.
The expenditure-side breakdown showed that household spending decreased 0.6 percent, in contrast to the 4.5 percent increase a quarter ago. Meanwhile, the growth in government spending rose to 0.5 percent from 0.3 percent.
Further, gross fixed capital formation rebounded 3.5 percent after falling 0.9 percent in the third quarter. Exports and imports climbed 2.9 percent and 4.6 percent, respectively.
The contributions from the external balance were negative while the contributions from changes in inventories were positive.
Among big-four economies, Germany contracted 0.3 percent in the fourth quarter. Meanwhile, Spain expanded 2 percent after rising 2.6 percent.
At the same time, growth in France eased markedly to 0.7 percent from 3.1 percent. Likewise, Italy grew 0.6 percent, following the 2.5 percent expansion logged a quarter ago.
The Euro area economy expanded 4.6 percent annually in the fourth quarter, as estimated, after rising 4.0 percent in the previous quarter.
In the whole year of 2021, the economy rebounded 5.3 percent after contracting 6.4 percent in 2020.
The EU27 economy grew 0.4 percent on quarter, taking the annual growth to 4.8 percent in the fourth quarter, data showed. Both quarterly and annual rates matched preliminary estimate.
Data showed that employment in the currency bloc increased at a slower pace of 0.5 percent sequentially, as previously estimated, following a 1.0 percent rise in the third quarter.
Year-on-year, growth in employment came in at 2.2 percent versus 2.1 percent in the previous period. The fourth quarter growth rate was revised up from 2.1 percent.
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