Eurozone GDP Down 0.1% QoQ in Q1 This Year
Ireland -4.6%, Poland 3.8%
The Eurozone (20 countries using the euro) recorded negative growth for two consecutive quarters.
On the 8th, Eurostat, the statistical office of the European Union (EU), announced that the Eurozone's gross domestic product (GDP) in the first quarter of this year decreased by 0.1% compared to the previous quarter. The preliminary figure released a month ago showed a 0.1% growth, but this was reversed. With the GDP growth rate for the fourth quarter of last year also confirmed to have decreased by 0.1%, the Eurozone entered a technical recession with two consecutive quarters of negative growth.
Germany, the largest economy in the Eurozone, declined by 0.3%, continuing its downward trend for two consecutive quarters following a -0.5% decrease in the fourth quarter of last year. The lowest economic growth rate in the first quarter was recorded in Ireland (-4.6%), while the highest was in Poland, which grew by 3.8%.
The war in Ukraine and persistent high inflation have contracted the Eurozone economy. Household spending in the first quarter decreased by 0.3%, and government spending fell by 1.6%. Exports and imports decreased by 0.1% and 1.3%, respectively.
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