Economic Buzz: Eurozone GDP shrinks by 0.2% in Q1

The Eurozone's gross domestic product (GDP) declined by 0.1% in the first quarter compared to the previous three-month period, the European Commission's statistical office Eurostat said in its final report published on Friday. The previous two reports predicted an expansion of 0.1%. In the European Union, the figure decreased by 0.1%.

On an annual basis, the economy of the euro area expanded by 0.3%, and that of the EU by 0.7%. Among the members, the highest quarterly rise was registered in Denmark at 1.9%, and Estonia and Malta at 1.1%. Meanwhile, the sharpest decreases were seen in Ireland at 12.%, Lithuania at 0.3%, and Sweden at 0.2%.

The number of employed people stood at 221.2 million in the EU, and 176.3 million in the Eurozone. Quarter-on-quarter, the figure went up by 0.1% in the euro area and remained stable in the political bloc. Year-on-year, it grew by 0.2% in both areas.

Powered by Commodity Insights