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

June 08, 2023

In the final GDP estimate for Q1 2023, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was up 0.4% in the European Union (EU27) and down 0.4% for the Euro Area (EA20, a subset of the EU27 nations). Growth rebounded from the previous quarter which recorded negative growth of 0.7% in the EU27 and a negative growth of 0.5% in the EA20.

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

The European Union economy was 1.0% larger compared to the first quarter of 2022, while the Euro Area economy was up 1.1% from Q1 2022. 

In Q1 2023 a small decline in real GDP in Euro Area is attributed to a decline in household and government spending as well as imports. They outweighed any increases in investments and exports. Overall, European Union experienced a growth in real GDP, with investments and exports driving the growth. 

Source: Eurostat

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