The eurozone economy is in recession in the first quarter

The Eurostat statistics agency said that the eurozone economy entered a recession in the first three months of 2023, as the eurozone's gross domestic product declined by 0.1% in the first quarter of 2023 compared to the fourth quarter of 2022 when GDP also declined by 0.1%. The revision is mainly due to a second estimate from Germany's statistics office showing that the largest economy in the eurozone was in recession in early 2023.

The contraction in the Irish economy widened to 4.6% from the initial estimate of 2.7%. Along with Germany and Ireland, GDP declined. Also on a quarterly basis in Greece, Lithuania, Malta and the Netherlands. Employment rose to 0.6% in the first quarter compared to 0.3% in the fourth quarter of 2022, household spending declined by 0.1%, public spending by 0.3%, inventory change by 0.4 points from quarterly GDP, gross fixed capital formation added 0.1 points, net Trade 0.7 points further down with imports.