BUSINESS

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BUSINESS

Eurozone enters technical recession

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Technical recession

The eurozone economy has entered a technical recession as its GDP fell by 0.1% in Q1 2023, marking the second consecutive quarter of contraction.

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Previous quarter

In the last quarter of 2022, the eurozone's GDP fell by 0.1%. Previous estimates had estimated the GDP of the region to flatline.

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EU's GDP

In contrast to the eurozone, the European Union's GDP increased by 0.1% in Q1 2023. EU's GDP had dipped by 0.2% in Q4 2022.

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GDP components

Eurozone has been struggling with inflation and rate hikes. In Q1 2023, household consumption and government expenditure fell in the region.

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Resilient

Despite entering a technical recession, economists are surprised by the eurozone economy's resilience. Most economists expected a more severe downturn.