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HomeSportsNo technical recession in the Eurozone, as Eurostat revises Q1 GDP upwards

No technical recession in the Eurozone, as Eurostat revises Q1 GDP upwards


A view shows skyscraper office properties in the La Defense business and financial district near Paris, France, June 26, 2023. REUTERS/Stephanie Lecocq/File Photo

BRUSSELS – Euro zone Gross domestic product was flat in the first three months of this year compared to the previous quarter, the EU statistics agency said. Eurostat said on Thursday, revising an earlier reading of a 0.1 percent quarter-on-quarter contraction.

The revision means that the 20 countries that share the euro after all, the coin did not enter a technical recession after a quarter-on-quarter contraction of 0.1 percent in the last three months of 2022, according to Eurostat data in June.

Eurostatistic said Thursday euro zone GDP it fell 0.1 percent in the October-December 2022 period from the previous three months, but then held steady in the January-March 2023 period.

In year-on-year terms euro zone GDP grew 1.1 percent in the first quarter of 2023, a aboveward revised from the 1 percent reported in June, after a 1.7 percent year-on-year increase in the previous three months, revised from the 1.8 percent reported in June.


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Merry C. Vega is a highly respected and accomplished news author. She began her career as a journalist, covering local news for a small-town newspaper. She quickly gained a reputation for her thorough reporting and ability to uncover the truth.

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