6/8, 11:01 AM (Source: TeleTrader)
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Euro area in recession as Q1 GDP drops by 0.1%

Eurozone's economy contracted by 0.1% in the first quarter compared to the previous quarter, Eurostat said in a revised report on Thursday. In the European Union, the gross domestic product (GDP) grew by 0.1% in Q1 compared to Q4 2022. The preliminary report indicated the euro area recorded a 0.1% growth quarter-over-quarter. On a yearly basis, the GDP growth was revised down to 1% both in the Eurozone and in the EU from 1.3% and 1.2% respectively.

Employment increased by 0.6% in the euro area and 0.5% in the EU compared to the fourth quarter of 2022. Year-on-year, employment was up 0.3% in both the Eurozone and the EU.

Baha Breaking News (BBN) / DJ