Eurozone Officially Declared in Recession

The Eurozone has now officially entered a recessionary phase as confirmed by Eurostat, the EU’s authoritative statistics agency today. Having experienced two consecutive quarters of economic contraction, the Euro area’s Gross Domestic Product (GDP) dipped by 0.1% in Q1 2023 in comparison to the previous quarter. The preceding quarter of Q4 2022 saw a similar trend with GDP declining by 0.1% in the Eurozone, indicating a technical recession in accordance with the commonly accepted definition of two successive quarters of negative real GDP growth.