The Eurozone enters a technical recession

The Eurozone entered a technical recession in the first quarter of 2023, following a 0.1% contraction recorded for two consecutive quarters. This is what emerges from the GDP data released by Eurostat.

In the first quarter of the year, in fact, GDP in the 20 Eurozone countries decreased by 0.1% compared to the previous quarter. In the EU as a whole, however, there was an increase of 0.1%. This was announced by Eurostat, revising downwards its previous estimates. In the last quarter of 2022, GDP fell by 0.1% in the Eurozone and by 0.2% in the EU.

Compared to the first quarter of 2022, however, growth was 1% in both zones. On the quarter, the largest increases were observed in Poland (+3.8%) and Luxembourg (+2%). Italy recorded growth of 0.6%. For Germany, on the other hand, -0.3%.