Thread by @Iamthestory_

The Eurozone has been confirmed as entering a 'technical recession' by EuroStat after the region shrank by 0.1% in Q1 2023, marking two consecutive quarters of contracting GDP. 
#Europe #EuropeanUnion #recession

1. According to the third, final assessment, in the first quarter the indicator increased by one percent in annual terms, but in the quarter it decreased by 0.1 percent. Preliminary and interim estimates at the same time assumed growth - by 1.3 and 0.1 percent.
#recession

2. In the fourth quarter of last year, in annual terms, there was also an increase - by 1.8 percent, but in quarterly terms - a decrease by the same 0.1 percent. In addition, the total GDP of the EU countries in the first quarter.
#recession

3. according to the final estimate, showed growth - by one percent in annual terms and by 0.1 percent - in quarterly terms. In the fourth quarter of 2022, the annual indicator increased by 1.7 percent, while the quarterly indicator decreased by 0.2 percent.
#recession

4. The figures make difficult reading for govts battling Europe’s cost-of-living crisis triggered by their own chaotic and inept reactions and heap pressure on the European Central Bank, /n
#recession #EuropeanUnion

5. which has been engaging in unprecedented interest-rate hikes to try to contain record inflation. Euro Zone’s economy shrank as the resulting soaring energy prices weighed on consumer spending, leaving economists pessimistic for the coming months.
#Recession #EuropeanUnion