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He Gross Domestic Product (GDP) of the euro area grew by 0.1% in the first quarter of 2023the first with 20 members of the single currency, after the stagnation registered in the three previous months in the equivalent comparison with the sum of Croatia, according to the preliminary reading of the data published by Eurostat and collected by EP, which places Spain among the countries with the best evolution (+0.5%). Without taking into account the Croatian economywhich joined the eurozone in January 2023, the GDP of the region with 19 countries contracted by 0.1% in the fourth quarter of 2022.
Among the countries for which data were available, the highest GDP growth in the first quarter of the year corresponded to Portugal (+1.6%), followed by Spain, Italy and Latvia (all +0.5%). On the contrary, there were decreases in Ireland (-2.7%)as well as in Austria (-0.3%).
In the case of the set of European UnionGDP registered an expansion of 0.3% in the first quarter of 2023, thus dodging the risk of technical recession, after contracting 0.1% in the fourth quarter of 2022.
In comparison with the same quarter of 2022, the GDP of the euro area and the EU recorded an increase of 1.3% in both cases. In YoY termsthe growth rates were positive for all countries except for Germany (-0.1%) with Spain (+3.8%) as the economy with the best evolution compared to the first quarter of 2022.
