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Eurozone In Recession After Six-Month Decline - Infographics

Photo by D koi / Unsplash

Eurozone GDP declined 0.1% in the first three months of the year after falling by the same amount in the final quarter of 2022 – technically defined as a recession.

Gross domestic product (GDP) for the 20-country eurozone fell by 0.1% in Q1 2023, after dropping by 0.1% in Q4 2022 – two successive quarters of contraction described as a technical recession.

However, Eurostat says Q1 2023 eurozone GDP was up 1.0% 12 months ago but lower than May’s forecast of 1.3% growth.

Economists polled by Reuters believe quarterly growth will modestly bounce back by 0.2% in the remaining three quarters of 2023.