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The European economy records less than expected growth during the first quarter of 2023


The European economy grew less than previously thought in the first quarter of 2023, according to the European Union’s statistics agency, in a revision of its previous figures.

Eurostat said after collecting revised data that the European Union, which includes 27 countries as a whole, recorded growth of 0.2 percent, not 0.3 percent, in the first three months of the year compared to the previous period.

However, the agency did not record any change in the economic growth recorded in the euro area, which amounted to 0.1 percent in the first quarter of 2023.

Despite the review, the European Union avoided a recession last winter after gross domestic product contracted by 0.1 percent in the last three months of 2022.

On Monday, the European Commission boosted its forecast for economic growth in 2023 for the 20-country eurozone by 0.2 points to 1.1 percent.

Also, the Commission raised its forecast for growth in the bloc as a whole for the year 2023, but it is still lower than that recorded for the euro area at about one percent.

The Commission also revised its forecast for inflation in the eurozone, expecting it to reach 5.8 percent this year compared to 5.6 percent previously forecast.

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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