The Eurozone avoided recession: it started the year with GDP growth
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The eurozone economy managed to avoid recession after the winter, and in the first quarter of the year it showed growth of 1.3% year-on-year.
This is stated in data Eurostat, Bloomberg.
Thus, in the first quarter of 2023, the GDP of the eurozone countries grew by 0.1% in the eurozone, and the economy of the entire European Union grew by 0.3% compared to the previous quarter. In the fourth quarter of last year, the GDP of the eurozone did not change in quarterly terms, instead it decreased by 0.1% in the EU.
Currently, this is a preliminary assessment, which can still be changed.
In annual terms, GDP grew by 1.3% in both the Eurozone and the EU in the first quarter of 2023.
The highest quarter-on-quarter growth was recorded in Portugal (+1.6%), followed by Spain, Italy and Latvia (all +0.5%). The decrease was recorded in Ireland (-2.7%), as well as in Austria (-0.3%). Annual growth rates were positive for all countries except Germany (-0.1%).
At the same time, the news about inflation was not so encouraging. Consumer price growth accelerated in France and Spain. The numbers will fuel debate about how big of a rate hike the European Central Bank will choose next.
Amid preliminary GDP data, traders increased bets that the ECB will slow rate hikes to 25 basis points at its May meeting.
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