EU GDP grows by 1.2% YoY in Q1 2023

May 17, 2023 (MLN): The EU gross domestic product (GDP) expanded by 1.2% YoY in the first quarter of 2023, Eurostat's provisional figures revealed on Tuesday.

While on a quarterly basis, EU GDP went up by 0.2% QoQ.

Notably, the EU GDP growth rate was 1.7% YoY in the previous quarter, and this quarter also marks the fifth consecutive slowdown in yearly basis growth.

The data further revealed the GDP growth rate was at 1.3% YoY in the euro area.

Among member states, the highest growth rate was posted by Spain with 3.8% YoY, followed by the Greek Cypriot administration with 3.4% YoY, and Romania with 2.8% YoY.

Meanwhile, four member states posted negative growth rates, which include Lithuania with a -3.4% YoY, Hungary with -1.1% YoY, Czech Republic with -0.2% YoY, and Germany with -0.1% YoY.

On the other hand, the EU growth rate of employment in persons stood at 1.6% YoY and 0.6% QoQ.

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