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 growth was slightly higher (0.2%).
The eurozone’s gross domestic product increased by 0.1% in the first quarter of 2023 compared to the previous quarter, after remaining unchanged in the last three months of 2022, according to Eurostat figures.
For the European Union as a whole, GDP growth rebounded with an increase of 0.3% after a decline of 0.1% in the last quarter of 2022, according to Eurostat.
While Europe was hit hard by the rise in energy prices following the Russian invasion of Ukraine, which is fueling 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 growth was slightly higher (0.2%).
On the other hand, Germany narrowly escaped a winter recession thanks to the relative strength of its industry, after 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.
2023-04-29 05:02:33
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