No technical recession in euro zone as Eurostat revises up Q1 GDP
BRUSSELSÂ – gross domestic product was flat in the first three months of this year against the previous quarter, the EU’s statistics agencystat said on Thursday, revising a previous reading of a 0.1 percent quarter-on-quarter contraction.
The revision means that the 20 countries sharing thecurrency did not, after all, enter aafter a 0.1 percent quarter-on-quarter contraction in the last three months of 2022, as indicated bystat’s data in June.
stat said on Thursdayfell 0.1 percent in the October-December 2022 period against the previous three months but was then flat in the January-March 2023 period.
In year-on-year termsgrew 1.1 percent in the first quarter of 2023, anward revision from the 1 percent reported in June, after a 1.7-percent year-on-year rise in the previous three months, revised from 1.8 percent reported in June.
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