The economy of the eurozone stagnated in the first quarter of this year, with a growth of 0%, so it finally avoided the recessionaccording to a new adjustment of the data published this Thursday by the Eurostat community statistics office.
The update supposes a change from the contraction of -0.1% between January and March that Eurostat published in June to zero growth in the first three months of the year that appear in today’s adjustment, which avoids the concatenation of two quarters of decrease in GDPIt is known as recession technique of an economy.
eurozone recession
The main factor explaining the modification is the data from Ireland, which in June reported a contraction of 4.3% in the first quarter of this year and in the data for this Thursday registers a reduction in its GDP of 2.8%.
The update does not include changes in the case of Germanywhich confirms its entry into technical recession at the beginning of this year registering a contraction of 0.3% in addition to that already observed at the end of 2022, of 0.5%.
In relation to the large economies of the Euro zone, Spain and Italy recorded a growth rate of GDP of 0.6% between January and March of this year, while the French economy expanded by 0.2% in the same period.
With respect to European Union Overall, economic activity increased by 0.2% in the first quarter of the year, which is three tenths more than the contraction of 0.1% registered in the last three months of 2022. EFECOM
Source: Ambito
