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Eurostat revises EU growth data for the first quarter

May 16, 2023

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 Arab Desk leads The Eastern Herald's reporting on the Middle East and North Africa. The desk has covered the Gaza-Israel war since October 2023, the Iran-Israel war of 2025-2026, the fall of the Assad government in Syria, Hezbollah's political and military shifts in Lebanon, the war in Yemen, and the diplomatic realignment of the Gulf states under the Abraham Accords and the Saudi-Iranian rapprochement.

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