The eurozone economy grew by just 0.1% at the start of the year, but managed to avoid the worst-case scenario: a recession. Despite the economic fallout from the war in Ukraine, the single currency’s economy continued to grow in the first quarter of 2023, but at a slow pace, according to data released by the European Statistical Office (Eurostat) on Friday. In this difficult environment, Spain was among the countries with the highest economic growth (0.5%), after Portugal (1.6%). This data, along with the 0.3% growth recorded in the European Union (EU), represents a slight improvement on the records set at the end of 2022, when the continent ended the year with an economy down 0.1 %. Countries that have led this recovery include Italy and Lithuania, which, like Spain, registered a 0.5% increase in GDP. On the other hand, Ireland (-2.7%) and Austria (-0.3%) were disappointing compared to the figures of the previous quarter. On an annual basis, the EU countries had a positive balance. All except Germany, with GDP down 0.1%. Spain, for its part, recorded an increase of 3.8%.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
