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

01 May '23

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Seasonally adjusted GDP rose by 0.1 per cent in the euro area and 0.3 per cent in the EU in Q1 2023, compared to Q4 2022, as per Eurostat.
The YoY growth rates were positive for all countries except for Germany, which saw a decline of 0.1 per cent.
Among member states, Portugal had the highest increase of 1.6 per cent, followed by Spain, Italy, and Latvia.

The seasonally adjusted gross domestic product (GDP) in the first quarter of 2023 rose by 0.1 per cent in the euro area and by 0.3 per cent in the EU, compared with the previous quarter, according to a preliminary flash estimate by Eurostat, the statistical office of the European Union (EU). This comes after GDP remained stable in the euro area and decreased by 0.1 per cent in the EU in the fourth quarter of 2022.

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.

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