The Eurozone entered a recession in the first quarter of 2023. Thus, according to figures, the Eurozone’s GDP fell by 0.1% year-on-year in the fourth quarter of 2022 and the first quarter of 2023.
The euro area entered recession in the first quarter of 2023, the second consecutive quarter in which the area’s GDP fell by 0.1% year-on-year. The final data published by Eurostat showed this.
“The euro area’s GDP decline in the fourth quarter of 2022 and the first quarter of 2023 was 0.1% year-on-year,” Eurostat reported.
Since the beginning of 2023, the eurozone “has been in a technical recession”, the EU statistics agency noted. For two quarters, the economy has been in recession.
In its preliminary estimates Eurostat indicated that in the fourth quarter of 2022 the GDP of the euro area grew by 0.1%, and in the first quarter of 2023, growth accelerated to 0.2%. The same figures were used by the European Commission in its spring economic forecast published in May when it announced that the euro zone “barely escaped recession”.
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