Eurozone GDP grew by 0.1% in the first quarter and European output by 0.2%

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  • Among the largest economies in the European Union, Germany’s GDP stagnated in the first quarter, the French economy increased by 0.2%, and the Spanish economy rose by 0.5%.


  • In the case of the European Union as a whole, GDP expanded by 0.2% in the first quarter of 2023.


  • During the first quarter of 2023, the gross domestic product of the United States increased by 0.3%

The eurozone’s gross domestic product grew by 0.1% in the first quarter of 2023, the first of the twenty members of the single currency, after stagnation in the previous three months in contrast to that of Croatia’s aggregate. According to the second reading of the data published by Eurostat.

Without taking into account the Croatian economy, which joined the Eurozone in January 2023, The gross domestic product of the 19-country region contracted 0.1% in the fourth quarter of 2022.

In the case of the European Union as a whole, GDP recorded a 0.2% expansion in the first quarter of 2023, a tenth less than expected, although risks of a technical recession were averted, after contracting by 0.1% in the fourth quarter of 2022.

Compared to the same quarter of 2022, the euro area’s GDP recorded an increase of 1.3%.While that of twenty-seven increased by 1.2%.

During the first quarter of 2023, US gross domestic product increased 0.3% sequentially, following a 0.6% advance in the fourth quarter of 2022. Compared to the same quarter a year earlier, US gross domestic product increased 1.6% after 0.9% in previous quarter.

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Among the EU countries for which data were available, the highest GDP growth in the first quarter of the year corresponded to Poland (+3.9%), ahead of Portugal (+1.6%) and Finland (+1, 1%). In contrast, the worst economic performances were recorded in Lithuania (-3%), Ireland (-2.7%) and the Netherlands (-0.7%).

Among the EU’s largest economies, Germany’s GDP stagnated in the first quarter and in France rose 0.2%, while Italy and Spain grew 0.5%.

On an annual basis, the highest GDP growth was recorded in Spain (+3.8%), ahead of Romania (+2.8%) and Portugal (+2.5%), while the largest contractions were seen in Lithuania (-3.6%) and Hungary (-1.1%). ), the Czech Republic (-0.2%) and Germany (-0.1%).

Aileen Morales

"Beer nerd. Food fanatic. Alcohol scholar. Tv practitioner. Writer. Troublemaker. Falls down a lot."

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