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Eurozone Economy Grew by 0.1% in Q1/2023 Quarterly after Facing Stagnation

The Eurozone economy showed only a slight expansion in the first quarter of 2023, from January to March, which was lower than analysts had anticipated following the stagnation at the end of last year. The Eurozone’s gross domestic product (GDP) grew by 0.1% in the first quarter of 2023 from the previous quarter, compared to the expected 0.2% expansion.

According to the European Union statistics office, Eurostat, the Eurozone GDP grew by 1.3% compared to the same quarter last year, which was below the expected 1.4% growth.

Among the countries with the largest economies in the Eurozone, Germany did not show any expansion in the first quarter of 2023, following a contraction in the fourth quarter of 2022. In contrast, the economies of France, Italy, and Spain expanded.

The European Central Bank is set to hold its next policy meeting in June, where it is expected to discuss further measures to support economic growth and address the impact of the ongoing inflationary pressures.

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