Eurostat: in Q1 2023, Eurozone fell into recession
The Eurozone entered into a recession in the first quarter of this year, the second quarter in a row that the zone’s GDP has declined by 0.1 percent year on year – according to the final Eurostat data provided by TASS
The Eurostat report says, “The decline in Eurozone GDP in Q4 2022 and Q1 2023 was 0.1 percent year on year.”
The Euro area has been ‘in a technical recession’ since the first quarter, according to the data from the EU’s statistic agency, as evidenced by the consecutive economic decline for two quarters in a row.
In its preliminary estimates, Eurostat noted that in the fourth quarter of last year, the Euro area’s GDP grew by 0.1 percent, and in the first quarter of this year, growth accelerated to 0.2 percent. The same figures were voiced by the European Commission in its spring economic forecast, when it announced that the Euro area ‘has barely managed to avoid a recession’.
Eurostat attributes this significant revision of its statistical estimate to a larger-than-forecast industrial downturn. This primarily concerns the largest economy of the EU: Germany.
