The Eurozone was in Recession in the First Quarter of 2023

Novinite.com
09 Jun 2023, 07:11 GMT+10

The Eurozone economy was in a technical recession in the first three months of 2023, according to data published earlier today by the European statistical office Eurostat, BTA reported.

A technical recession is defined as two consecutive quarters of decline in gross domestic product (GDP) and for the currency union it is counted after the downward revision of data for both the first quarter of the current year and the fourth quarter of 2022.

Eurozone GDP contracted by 0.1 percent on a quarterly basis, although it rose by 1 percent on a year-on-year basis, Eurostat data reported.

Preliminary data published on May 16 were for growth of 0.1 percent and 1.3 percent, respectively, Reuters recalls.

The revision was largely due to the second estimate by Germany's statistics office, which showed that Europe's largest economy was in recession at the start of 2023.

Data for the euro area in the fourth quarter of 2022 has also been revised downwards, to a drop of 0.1 percent from the previous figure of zero.

Apart from Germany, GDP on a quarterly basis also decreased in Greece, Ireland, Lithuania, Malta and the Netherlands.

Follow on and

Write to us at

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.

More Information

32 ℃

Partly Cloudy in Seletar

International

Section

US plans hotline with China to prevent crisis in space

WASHINGTON D.C.: In an interview with Reuters this week, U.S. commander General Chance Saltzman said the United States Space Force ...

Fifty world leaders call on UN to bring about peace in Ukraine

As it did last year, the 2023 United Nations General Assembly has been debating what role the United Nations and ...

Criminal from Louisiana caught in Mexico after 32 years

BATON ROUGE, Louisiana: Authorities said that Greg Lawson, who fled his 1991 trial in Louisiana for attempted murder 32 years ...

Trudeau promises to continue support to Ukraine

OTTAWA, Canada: During a joint news conference with Ukrainian President Volodymyr Zelenskyy in Canada's capital, Ottawa, Prime Minister Justin Trudeau ...

Famous Uyghur scholar gets life sentence from court in China

BEIJING, China: A respected Uyghur scholar, known for her extensive work in studying Uyghur folklore and traditions, has been sentenced ...

Coal mine fire in Guizhou province, China, kills 16 people

BEIJING, China: Local authorities said a fire at the Shanjiaoshu coal mine in Guizhou province, southern China, killed 16 people ...

Movies

Section

Movie Review

The Hills Have Eyes (1977) (4K UHD)

Hills Have Eyes (1977)