Eurozone GDP Recovers As Estimated In Q1

(RTTNews) - The euro area economy recovered as estimated in the first quarter after contracting for two straight quarters, flash estimate from Eurostat showed on Wednesday.

Gross domestic product grew 0.3 percent sequentially, reversing the 0.1 percent falls each in the third and fourth quarters of 2023. The rate matched the preliminary flash estimates released on April 30.

On a yearly basis, economic growth improved to 0.4 percent from 0.1 percent. The annual figures also came in line with the previous estimate.

Further, data today showed that quarterly growth in employment remained unchanged at 0.3 percent in the first quarter. Meanwhile, the annual rate of increase slowed to 1.0 percent from 1.2 percent.