Euro area & EU's GDP increases slightly in Q1 2023: Eurostat

In the first quarter of 2023, the seasonally adjusted GDP increased by 1.3 per cent in both the euro area and the EU, following a growth of 1.8 per cent in the euro area and 1.7 per cent in the EU in the previous quarter.

Among the member states for which data is available for the first quarter of 2023, Portugal saw the highest increase of 1.6 per cent compared to the previous quarter, followed by Spain, Italy, and Latvia, all with a 0.5 per cent increase. However, declines were recorded in Ireland, with a decrease of 2.7 per cent, as well as in Austria, with a decline of 0.3 per cent. The year-on-year growth rates were positive for all countries except for Germany, which saw a decline of 0.1 per cent, as per Eurostat.

ALCHEMPro News Desk (DP)