The euro zone economy was in a technical recession in the first three months of 2023, data from European statistics agency Eurostat showed on Thursday, after downward revisions of growth in both the first quarter and the final quarter of 2022.
Gross domestic product (GDP) for the 20-country euro zone fell by 0.1 per cent in the first quarter compared with the fourth of 2022 and was 1.0 per cent up from a year earlier, Eurostat said in a statement.
That compared with flash estimates of growth of 0.1 per cent and 1.3 per cent published on May 16. Economists polled by Reuters had forecast on average respectively zero and 1.2 per cent expansion.
This story is from the June 09, 2023 edition of Business Standard.
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This story is from the June 09, 2023 edition of Business Standard.
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