The recession comes to an end within the European economic region.
The economy of the eurozone emerged from a recession in the initial three months of 2023. The gross domestic product (GDP) expanded by 0.3% during this period compared to the preceding quarter, as per the most recent announcement from Eurostat. In the two preceding quarters, there was a decline of 0.1% each, leading the currency union to enter a recession.
The industrial sector has recently been on the rise. In March, it increased production by a significant 0.6% when compared to the preceding month, following a 1% increase in February. The production of capital goods like machinery, specifically, has gained momentum.
The largest economy in Europe, Germany, moderated economic growth slightly in the early stages of this year. Expansion in the first quarter remained subdued at 0.2%. Similarly, France, the second-largest economy, grew at the same pace. Conversely, Italy achieved a 0.3% growth surge, while Spain managed to achieve noteworthy growth of 0.7%.
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The recovery from the recession in the eurozone was acknowledged by the Statistical Office of the European Union, Eurostat, in their latest report. Despite this growth, the eurozone economic zone may still face challenges, as potential future economic downturns could be indicated by statistics from Eurostat, such as indicators of a potential new recession.
Source: www.ntv.de
