Aerial View of Skyscraper Offices in La Defense, Paris
June 26, 2023
BRUSSELS – In a revision made by Eurostat, the EU’s statistical agency, it has been reported that Euro zone gross domestic product (GDP) remained unchanged in the first quarter of this year compared to the previous quarter. This new data contradicts the previously reported 0.1 percent quarter-on-quarter contraction. Therefore, the 20 euro zone countries did not enter a technical recession as previously indicated by Eurostat’s data in June, following a 0.1 percent contraction in the final three months of 2022.
Eurostat’s latest report states that the euro zone GDP declined by 0.1 percent in the October-December period of 2022 compared to the previous quarter. However, there was no change in GDP during the January-March period of 2023. In terms of year-on-year growth, the euro zone GDP increased by 1.1 percent in the first quarter of 2023, which is an upward revision from the previously reported 1 percent in June. This follows a 1.7 percent year-on-year rise in the previous three months, which was revised from 1.8 percent reported in June.
Despite these revised figures, it is important to note that the euro zone still faced challenges, particularly during the winter season, which contributed to the recession experienced. However, there is optimism for the future as exports have shown significant growth.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.