Eurozone Q1 GDP Down 0.6%... EU Overall Also Decreases by 0.4%

Charles Michel, President of the European Council (top center), and EU member state leaders [Image source=Yonhap News]

[Asia Economy Reporter Song Seung-seop] The Eurozone's first-quarter gross domestic product (GDP) is estimated to have decreased by 0.6% compared to the previous quarter. The Eurozone refers to the 19 member countries of the European Union (EU) that use the euro as their currency.

According to Eurostat, the EU's statistical office, on the 1st, the GDP of all 27 EU member countries decreased by 0.4% compared to the previous quarter. Compared to the same period last year, the Eurozone shrank by 1.8%, and the EU by 1.7%.

Among the member countries, Portugal experienced the largest decline, decreasing by 3.3% compared to the previous quarter. Germany decreased by 1.7%, Spain by 0.5%, and Italy by 0.4%. France increased by 0.4%.

Eurostat explained that this estimate is based on incomplete data and requires further revision.

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