Eurozone economy plummets into a recession with Germany now the problem child

The eurozone plummeted into a recession at the start of the year, according to latest data, which has signalled a loss of growth in the single currency area, with Germany being branded the “problem child” according to an economic analysis company.  The eurozone GDP fell by 0.1 percent over the first three months of 2023 compared with the previous quarter, according to the figures from Eurostat, the EU’s statistics agency. GDP was also revised for the last quarter of 2022, falling to -0.1 percent from 0 percent previously forecast.

This newly published data is a downward revision on previous flash estimates released in April that showed growth of 0.1 percent in the eurozone for first quarter of the year. These were corrected downward following German data showing the country contracted for a second consecutive quarter – slipping into a recession.

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