Eurozone in mild recession

(Patria) - The eurozone economy unexpectedly recorded a 0.1 percent drop 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 0.1 percent drop, 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 aid packages due to the energy crisis expired last year.

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

Germany's economy recorded a drop of 0.3 percent in the first three months, and the Netherlands 0.7 percent, while Spain (0.5 percent), Italy (0.6 percent), and France (0.2 percent) recorded growth.