The eurozone economy entered a technical recession in the first three months of 2023 by contracting in the chain variation for the second consecutive quarter, according to data released by Eurostat.
In the first quarter of the year, eurozone gross domestic product (GDP) fell by 0.1% year on year, the same rate of contraction as in the last three months of 2022.
According to the European Statistical Service, household consumption expenditure fell by 0.3% in the euro area in the first three months of this year (after -1.0% in the previous quarter) and general government expenditure fell by 1.6% ( after an increase of 0.8% in the previous period).
In the euro area, exports fell by 0.1% and imports by 1.3% between January and March (-0.2% and -2.5% in the fourth quarter of 2022).
Gross fixed capital formation, on the other hand, increased by 0.6% in the Eurozone (after a 3.5% decline).
The eurozone economy posted homologous growth of 1.0% in the first quarter, a slowdown from 1.8% in the previous quarter, and maintained a chain pull of 0.1%, according to data released by Eurostat.
Also in the European Union (EU), the growth of the Gross Domestic Product (GDP) slowed to 1.0% year-on-year (1.7% in the first three months of 2022) and, in the chain comparison, accelerated by 0.1%, compared to the 0.2% drop registered between last October and December.
GDP is an indicator for measuring economic activity, with the economy entering a technical recession if there is a decline for two consecutive quarters.
Source: DN
