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Growth in the EU: Eurostat slightly lowers its data for the 1st quarter

The European Statistics Office lowered its growth forecast for the European Union by 0.1 points, to +0.2%.

Eurostat on Tuesday slightly lowered its estimate of economic growth in the European Union, to 0.2% in the first quarter compared to the previous quarter, while confirming the figure of 0.1% for the euro area.

The gross domestic product (GDP) of the EU had announced a growth of 0.3%, in a first estimate of the European statistics office on April 28. Even slightly lower growth enabled the EU to avoid a recession over the winter, after a 0.1% drop in GDP in the fourth quarter of 2022.

For the 20 countries that share the single currency, growth of 0.1% in the first three months of the year followed stagnation in the previous three months.

+1.1% in 2023 according to the European Commission

In general, Europe has withstood the energy shock caused by the war in Ukraine better than expected and sees its prospects for economic growth improving for this year and next.

The European Commission on Monday raised its growth forecast for the euro zone, while warning against the risks of persistent inflation and monetary tightening.

The European executive now expects GDP growth of 1.1% in 2023, 0.2 points more than previously forecast. It should reach 1.6% in 2024, that is, +0.1 point compared to the figures published in February.

The same trend for the EU as a whole, whose growth is now announced at 1% (+0.2 points) in 2023, then 1.7% (+0.1 points) in 2024.

Author: CO with AFP
Source: BFM TV

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