The first quarter GDP change for the euro area was revised down from minus 0.1 percent to 0. Thus, the Eurozone did not enter recession.
The European Statistical Office (Eurostat) has released the latest data on the growth rates of the Eurozone in the first quarter of 2023.
According to the updated figures on Eurostat’s website, the Eurozone economy remained unchanged in the first quarter of this year after the contraction in the last quarter of 2022.
This means that the 20-nation union has avoided a recession.
Before the data was updated, a 0.1 percent contraction was announced for the January-March period.