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Recession becomes reality for Eurozone: report

A two-year contraction of the Eurozone demonstrated by data released on Thursday spelled a technical recession in the single currency area, Politico reported on Thursday, adding that it entailed a slacking growth momentum.

Over the first three months of 2023 compared with the previous quarter, Eurozone GDP fell by 0.1 percent, according to Politico citing Eurostat figures. GDP for Q4 of 2022 was also revised downward to -0.1 percent from 0 percent previously forecast.

The data released on Thursday downgraded previous flash estimates out in April that indicated growth of 0.1 percent in the Eurozone for Q1 of 2023. The downward correction came in the wake of the release of German data, according to which the country contracted for a second consecutive quarter. This translates into Germany slipping into a recession.

The Eurozone saw the employment curve rising by 0.6 percent in the first quarter of this year, up from 0.3 percent in the previous quarter.

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