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Eurozone enters recession after review of growth rates in Germany and Ireland KXan 36 Daily News

Date: May 20, 2024 Time: 08:28:33

The 20-member bloc reported gross domestic product growth of -0.1% in the first quarter, according to revised Eurostat estimates. This statement has been revised down after Germany also cut its economic growth figures during the same period and effectively went into recession. Ireland has also revised its growth rate downward, which now shows a contraction of almost 5%.

Faced with weak January-March data, the eurozone also contracted by 0.1% in the last quarter of 2022. Two consecutive quarters of negative GDP figures dragged the entire region into a technical recession. The weak economic environment is challenging the European Central Bank, which has been aggressive for the past 12 months.

Household consumption fell 0.3% in the first quarter, underscoring the pressure households are facing amid rising prices.

The eurozone region is unlikely to see significant growth in the coming months, causing a slowdown in investment, said Klaus Wiestesen, an analyst at Pantheon Macroeconomics.

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Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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