HE gross domestic product (GDP) registered eurozone 0.1 percent contraction in the first quarter of 2023which means login technical recession regional economy afterA 0.1% decline in activity in the fourth quarter of 2023According to the latest revision of data published by Eurostat.
Therefore, the community statistics office revised its previous estimate, published in mid-May, down two-tenths. It pointed to a 0.1% expansion of GDP Eurozone between January and March.
about The first recession in the eurozone economy since GDP contracted consecutively in the first and second quarters of 2020, As a result of the impact of the Covid-19 pandemic and the restrictions imposed.
On the other hand, the economy across the European Union (EU) managed to grow by 0.1% in the January-March period after the 0.2% contraction observed between October and December 2022.
Compared to the first quarter of 2022, the euro area and the EU economy as a whole increased by 1% in any case.
GDP in the USA, which increased by 0.6% in the fourth quarter of 2022, increased by 0.3% in the first quarter of 2023 compared to the previous quarter. Similarly, GDP in Japan grew by 0.7% from 0.1% in the previous three months.
According to seasonally adjusted Eurostat data, GDP volumes in the Eurozone and EU were 2.2% and 2.9%, respectivelyAbove the level recorded in the fourth quarter of 2019, before the Covid-19 pandemic. In the case of the United States, GDP was 5.4% above the fourth quarter 2019 level.
Among the EU countries for which data are available, Poland had the highest GDP growth in the first quarter (+3.8%), ahead of Luxembourg (+2%) and Portugal (+1.6%). In contrast, the worst economic development was observed in Ireland (-4.6%); Lithuania (-2.1%) and the Netherlands (-0.7%).
Germany, one of the largest economies in the EU, entered recession with a 0.3 percent GDP contraction in the first quarter., after falling 0.5% in the previous three months, France’s GDP followed by a recession of 0.2% in the fourth quarter of 2022 and Italy’s GDP after a 0.1% contraction between October and December last year. increased by 0.6. Spanish GDP increased by 0.5% in the first quarter of 2023, compared to growth of 0.4% in the previous three months.
On an annual basis, The highest GDP growth was recorded in Spain (3.8%), Cyprus (+3.4%) and Malta (+3.2%)., the largest contractions were in Estonia (-3.7%); Lithuania (-2.7%) and Hungary (-1.1%).