GDP up by 0.1% in euro area and up by 0.3% in Q1 in EU

In the first quarter of 2023, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.3% in the EU, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2022, GDP had remained stable in the euro area and had decreased by 0.1% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.3% in both the euro area and the EU in the first quarter of 2023, after +1.8% in the euro area and +1.7% in the EU in the previous quarter.

Among the Member States for which data are available for the first quarter of 2023, Portugal (+1.6%) recorded the highest increase compared to the previous quarter, followed by Spain, Italy and Latvia (all +0.5%). Declines were recorded in Ireland (-2.7%) as well as in Austria (-0.3%). The year-on-year growth rates were positive for all countries except for Germany (-0.1%)