Eurozone in mild recession

(Patria) - The eurozone economy unexpectedly recorded a decline of 0.1 percent in the first three months of this year, although growth was expected, albeit only 0.1 percent.

At the same time, revised statistics for the fourth quarter of 2022 also show a decline of 0.1 percent, so with two consecutive negative quarters, the eurozone is technically in a mild recession.

In the first quarter of this year, household consumption decreased by 0.3 percent due to high inflation, reports Danas.rs.

Public consumption also decreased by 1.6 percent after the aid packages due to the energy crisis of the previous year expired.

Growth in the first three months was recorded by fixed costs by 0.6 percent. Exports recorded a decline of 0.1 percent, and imports of as much as 1.3 percent.

The German economy recorded a decline of 0.3 percent in the first three months, and the Dutch economy 0.7 percent, while Spain (0.5 percent), Italy (0.6 percent) and France (0.2 percent) recorded growth.