BRUSSELS, (Reuters) – The Omicron wave COVID-19 infection slows down the euro area’s economic growth. However the effect was stronger in Germany than it was in France and Italy.

On Monday, the European Union’s statistical office reported that the quarterly growth of gross domestic product among the 19 euro-member countries was 0.3%. This is a sharp decline from the 2.3% rate in the three previous months. According to a Reuters survey of economists, the flash reading was exactly as predicted.

However, year-on-year growth was still an impressive 4.6%. That’s roughly in line to economists expectations.

Christoph Weil, an economist at Commerzbank (DE): “The (coronavirus] wave of autumn left clear trace in the Euro economy.”

The pandemic caused significant differences in the economies of the euro-countries. The Omicron wave in spring should have ended and the economy should be stronger again.

COVID-19 was reimposed in several European countries after a surge in coronavirus infections at the close of last year.

Germany, which is the largest economy in the Euro Zone, performed the worst, shrinking by 0.7% quarter on quarter and growing only 1.4% annually.

France, second-largest economy of the bloc, experienced 0.7% quarterly growth, and a 5.4% increase year-over-year, while the third-largest country, Italy, experienced 0.6% quarterly growth, and 6.4% annualized.

Rachel Barton is an economist with Accenture (NYSE): “The recent lifting COVID restrictions within many European countries should be able to help get economic and company growth back on track.”

The German Ifo economic Institute released Monday’s survey, which showed that there was less concern about German manufacturing firms reporting problems with raw materials and bottlenecks.

Eurostat estimates that GDP of the Eurozone in 2021 was 5.2% more than it was in 2020. This is based on adjusted calendar and seasonally adjusted quarterly data.