Eurostat revises EU growth data for the first quarter

And Eurostat said on Tuesday, after collecting revised data, that the European Union, which includes 27 countries as a whole, recorded growth of 0.2%, not 0.3%, in the first three month of the year, on a quarterly basis.

However, the agency did not register any change in the economic growth recorded in the euro zone, which stood at 0.1% in the first quarter of 2023.

Despite the scrutiny, the European Union avoided a recession last winter after gross domestic product contracted by 0.1% in the last three months of 2022.

On Monday, the European Commission raised its forecast for economic growth in 2023 for the 20-nation eurozone by 0.2 points to 1.1%.

In addition, the Commission raised its forecast for growth in the bloc as a whole for the year 2023, but it remains below that recorded for the euro zone at around 1%.

The Commission also revised its inflation forecast for the euro zone, expecting it to reach 5.8% this year, against 5.6% previously forecast.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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