Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli foreign ministry: The vessels and the passengers are transferred to an Israeli port, and the passengers are expected to be deported promptly.
Sumud Flotilla: Addameer vessel attacked by an Israeli military helicopter with 93 journalists, doctors and activists on board
Freedom Flotilla Coalition: The Addameer Vessel was seized by the Israeli Navy
Israeli ministry of foreign affairs says ships and passengers of the Freedom Flotilla will be transferred to an Israeli port and deported immediately
Freedom Flotilla Coalition: 3 ships attacked and illegally intercepted by Israeli occupation.
Ecuadorian President Daniel Noboa's motorcade comes under fire in Ecuador
Al Mayadeen's correspondent in Lebanon: Israeli quadcopter drops two shells on cafe in Houla town in South Lebanon
Informed source to Al Mayadeen: SDF Commander-in-Chief Mazloum Abdi demands that al-Sharaa approve the establishment of an autonomous region similar to the Kurdistan Region of Iraq.
Israeli media: Three drones launched from Yemen toward Eilat in span of 20 minutes.
Qatari Foreign Ministry: "Israel" should have already ceased fire under Trump plan for Gaza

Eurozone entered technical recession: EuroStat

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Jun 2023 20:24
  • 2 Shares
3 Min Read

The energy crisis which was born out of sanctions on Russia, Europe's gas lifeline, had spiralled into a cost-of-living crisis, with inflation plaguing the Euro economies.  

  • x
  • Germany's second largest refinery of BP in Gelsenkirchen, western Germany, on Jan. 30, 2023. (AP)
    Germany's second-largest refinery of BP in Gelsenkirchen, western Germany, on Jan. 30, 2023. (AP)

After two consecutive quarters of negative growth in real GDP, the Eurozone has officially entered recession, data from the EU’s statistics agency Eurostat reveals. 

In the last quarter of 2022, GDP had decreased by 0.1% in the Euro area, and in the first quarter of 2023, the agency reported that the economy had shrunk by 0.1%. 

Spending by households in the Eurozone fell by 0.3% in the first quarter of 2023 and by 1% in the fourth quarter of 2022. Moreover, revised data showed that the region's fourth quarter in 2022 was adjusted from 0% to -0.1%. 

The revision was made in April before which it was revealed that the economy grew by 0.1% in this year's first quarter. It is worth recalling that on May 2, Germany, Europe's largest economy, confirmed it had fallen into recession.

The energy crisis, which was born out of sanctions on Russia, Europe's gas lifeline had spiraled into a cost-of-living crisis with inflation plaguing the Euro economies.  

Euro area #GDP -0.1% in Q1 2023, +1.0% compared with Q1 2022 https://t.co/CybdBFvQxH pic.twitter.com/jkkFXaUBaC

— EU_Eurostat (@EU_Eurostat) June 8, 2023

According to the data, countries that recorded the highest GDP increase include Poland (+3.8%) in comparison to the previous quarter. Luxembourg recorded a 2.0% increase and Portugal recorded a 1.6% increase. 

Related News

French markets plunge as PM quits after just 12 hours in office

Spain secures triple credit rating upgrade

Those who recorded the highest decrease include Ireland with a 4.6% decrease, Lithuania with a 2.1% decrease, and the Netherlands with 0.7%. 

Employment continued to increase in the Eurozone by 0.6% in the first quarter of 2024, up from 0.3% in the previous quarter.

"Based on seasonally adjusted figures, Eurostat estimates that in the first quarter of 2023, 216.1 million people were employed in the EU, of which 168.2 million were in the euro area," Eurostat said in its latest report. 

Read more: UK going into recession in less than two years: Former US Treasury Sec

Predictions of a recession in the Eurozone go back as far as the first months which followed the start of the conflict in Ukraine. However, in November 2022, the EU Commission published a report titled 'Autumn 2022 Economic Forecast: The EU Economy at a turning point, where it projected a recession nearing ahead. 

"High energy price pressures, erosion of households' purchasing power, a weaker external environment, and tighter financing conditions are expected to tip the EU, the euro area, and most Member States into recession in the last quarter of the year," the commission report said. 

"As inflation keeps cutting into households' disposable incomes, the contraction of economic activity is set to continue in the first quarter of 2023. Growth is expected to return to Europe in spring, as inflation gradually relaxes its grip on the economy. However, with powerful headwinds still holding back demand, economic activity is set to be subdued, with GDP growth reaching 0.3% in 2023 as a whole in both the EU and the euro area," it added.

Read more: Global economy under threat of debt default waves: Deutsche Bank

  • Eurozone
  • Europe
  • Russia

Most Read

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
ap

'Israel' pays influencers $7K per post to whitewash Gaza genocide

  • Politics
  • 1 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025

Coverage

All
War on Gaza

Read Next

All
In this May 20, 20201, photo Marine Gen. Frank McKenzie, the head of US Central Command, arrives in Baghdad, Iraq (AP)
Politics

US spent $33 billion on post-Oct.7 genocide, wars, Brown Uni reports

Speaker of the House Mike Johnson, R-La., holds a news conference to mark the seventh day of the government shutdown, at the Capitol in Washington, Tuesday, Oct. 7, 2025. (AP)
Politics

US troops face unpaid wages as government shutdown drags on

Mourners wave Hezbollah and a Palestinian flag during the funeral of Hezbollah former leader Sayyed Hassan Nasrallah and his successor Sayyed Hashem Safieddine in the Sports City Stadium in Beirut, Lebanon, Sunday, February 23, 2025 (AP)
Politics

Hezbollah voices support for Gaza, Resistance on October 7 anniversary

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas
Politics

Al-Aqsa Flood restored Palestinian cause on the global stage: Hamas

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS