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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

April 28, 2023

In the preliminary flash GDP estimate for Q1 2023, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was up 1.1% in the European Union (EU27) and up 0.3% for the Euro Area (EA20, a subset of the EU27 nations). Growth rebounded from the previous quarter which recorded negative growth of 0.5% in the EU27 and 0.2% in the EA20.

Among the Member States for which data are available for the first quarter of 2023, Portugal, Spain, Italy and Latvia recorded the highest increases compared to the previous quarter. The largest declines were reported in Ireland and Austria. 

In the first estimate, the European Union economy was 1.3% larger compared to the first quarter of 2022, while the Euro Area economy was up 1.4% from Q1 2022. 



Source: Eurostat

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