Ekonomické zprávy

Eurozone economy grew in line with forecasts in the 1st quarter

Data published by Eurostat showed that in the 1st quarter, the gross domestic product of the eurozone grew by 0.1%, as expected, after stabilizing in the 4th quarter. Among the eurozone's largest economies, Germany registered no growth in the first quarter, while the Netherlands experienced a contraction. However, the economies of France, Italy, and Spain did see some expansion during the same period.

In annual terms, economic growth slowed to 1.3% from 1.8% in the previous quarter. Consensus estimates also assumed an increase of 1.3% per annum. While a more detailed breakdown of the GDP rise was not yet available, unadjusted trade data for the first quarter showed an 8.5% jump in exports over the same period of 2022 with unchanged imports, indicating net trade contributed to the growth.

Meanwhile, the GDP of the European Union countries grew by 0.2% in quarterly terms and grew by 1.2% per annum. In the 4th quarter, GDP fell by 0.1% over the quarter and grew by 1.7% per annum.

Separate data also showed that in the 1st quarter, the number of employed persons in the eurozone increased by 0.6%, accelerating compared to the 4th quarter (+0.3%) and exceeding economists' forecasts (+0.3%). In the EU, the number of employed also increased by 0.6% after an increase by 0.3% in the 4th quarter. On an annualized basis, employment in the eurozone grew by 1.7% compared with an increase by 1.5% in the previous quarter. Meanwhile, in the EU, employment growth accelerated to 1.6% from 1.3%.

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