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 Eurozone slips into recession infographic
Graphic charts the Eurozone’s technical recession.
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ECONOMY

Eurozone in recession after six-month decline

By Ninian Carter

June 9, 2023 - Eurozone GDP declined 0.1% in the first three months of the year after falling by the same amount in the final quarter of 2022 – technically defined as a recession.

Gross domestic product (GDP) for the 20-country eurozone fell by 0.1% in Q1 2023, after also dropping by 0.1% in Q4 2022 – two successive quarters of contraction being described as a technical recession.

However, Eurostat says Q1 2023 eurozone GDP was actually up 1.0% on 12 months ago, but lower than May’s forecast 1.3% growth.

Economists polled by Reuters, believe quarterly growth will modestly bounce back by 0.2% in the remaining three quarters of 2023.

Sources
PUBLISHED: 09/06/2023; STORY: Graphic News; PICTURES: Getty Images
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