Home Latest News & Insights EU Q1 2023 GDP GROWTH 0.3%

EU Q1 2023 GDP GROWTH 0.3%

May 4, 2023
market turmoil

EU Q1 2023 GDP growth 0.3%. Eurostat‘s preliminary flash estimate for Q1 2023 reveals a 0.1% GDP increase in the euro area and a 0.3% growth in the EU.

Both regions experienced a 1.3% rise compared to Q1 2022. In Q4 2022, the euro area’s GDP remained stable, while the EU’s decreased by 0.1%.

These estimates are based on incomplete data and may be revised.

Year-over-year growth rates for Q1 2023 show a 1.3% increase in both the euro area and the EU, following a 1.8% rise in the euro area and a 1.7% growth in the EU in the previous quarter.

Among the member states with available data, Portugal recorded the highest quarter-over-quarter increase at 1.6%. This was followed by Spain, Italy, and Latvia at 0.5%. Ireland saw a 2.7% decline, while Austria experienced a 0.3% decrease.

All countries reported positive year-over-year growth rates, except Germany with a 0.1% decline.