Growth slows at end of 2021 in 19 countries that use euro

Growth in the 19 countries that use the euro slowed down at the end of last year

FRANKFURT, Germany -- The European economy slowed noticeably at the end of last year as surging COVID-19 cases driven by the omicron variant piled on top of supply shortages and rising energy prices that dented consumer purchasing power. The result: An economic winter of discontent that may not lift until later this year.

Much of the slowdown came in Germany, Europe's largest economy, where difficulty getting needed parts held back its export-heavy manufacturing economy. France, Spain and Italy showed stronger growth.

In the 19 countries that use the euro, growth in the last three months of 2021 came in at 0.3%, the European Union's statistics agency said Monday. That compared with growth of 2.2% in the July-September quarter.

For the year, it was 5.2%, underlining how Europe’s economic recovery from the pandemic has moved at a somewhat slower pace than the rebound in the United States, where 2021 growth was 5.7%. U.S. growth was boosted by what economists say was a comparatively larger share of federal stimulus spending than what took place in Europe.