Eurozone entered recession in the first quarter after downward revision to GDP
By Joshua Kirby The economy of the eurozone slipped into technical recession in the first quarter of the year, as forecasts were revised downward both for the end of last year and the first three months of 2023.
The agency also lowered its final estimate for the last quarter of 2022 to a 0.1% fall from a previous flatline estimate, meaning the bloc entered a technical recession, which typically refers to two quarters of negative growth. Some economists nevertheless anticipated a potentially weaker showing. The revision to a decline was likely, analysts at UniCredit said ahead of the release, pointing to worse figures in Germany and Ireland and weakness in private consumption.
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