2023-04-28 15:36:16
Brussels 4-28-2023 Wafa – The gross domestic product of the euro area increased by 0.1% in the first quarter of the year 2023 compared to the previous quarter, following remaining unchanged in the last three months of the year 2022, according to figures from the European Statistical Office “Eurostat”. Today is Friday.
For the European Union as a whole, GDP growth rebounded by an increase of 0.3 percent following a 0.1 percent decline in the last quarter of 2022, according to Eurostat.
While Europe was hit hard by the rise in energy prices following the war in Ukraine, which fuels inflation that is still very high, this slight recovery in growth masks sharp disparities between the twenty countries that participate in the single currency..
During the first three months of the year, Portugal registered the largest increase in its GDP (1.6%), followed by Spain, Italy and Latvia (0.5% each). France’s GDP grew slightly (0.2%).
On the other hand, Germany narrowly escaped a winter recession thanks to the relative strength of its industry, following a decline of 0.5 percent in the fourth quarter of 2022. On an annual basis, Germany was the only country in the eurozone to record a contraction of 0.1 percent..
On the other hand, the GDP declined in Austria (-0.3%) and Ireland (-2.7%). Overall, high inflation continues to affect household consumption and business activity across the continent.
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