Eurozone of 20 member countries, officially entered into recession with multiple countries facing successive quarters of fall in economic growth.
The eurozone economy entered into a technical recession during the first three months of the 2023 according to figures released by the EU’s statistic agency, Eurostat.
Countries with the highest GDP growth, compared to previous quarter (Q1 2023 vs Q4 2022)
- Poland (+3.8%)
- Luxembourg (+2.0%)
- Portugal (+1.6%)
Sharp declines in GDP seen in,
- Ireland (-4.6%)
- Lithuania (-2.1%)
- The Netherlands (-0.7%)
- Germany (-0.1%)
However, unemployment was at its lowest level since 1999, at 6.5% in March.
The International Monetary Fund (IMF) has predicted that Germany will be the weakest of the world’s advanced economies, shrinking 0.1% this year, after it upgraded its forecast for the UK from minus 0.3% to growth of 0.4%.
The European central bank (ECB) raised three key ECB interest rates by 25 basis points or 0.25% on 15th June 2023. ECB’s press release on the latest monteray policy decision is avalable here .
Sources
Disclaimer
- Any finance-related information shared is not professional legal, tax, or investment advice.
- The information provided is of an educational and general nature and is not investment advice within the meaning of Articles L. 321-1 and D. 321-1 of the French Monetary and Financial Code.
- Investment carries risks of loss and past performance does not guarantee future performance.
- For all professional advice, please consult a certified financial planner, CGP, CIF, tax consultant, etc.
If this article was useful, please leave your feedback on TrustPilot
