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
Al Mayadeen's correspondent reported that the NRF denies allegations that Ahmed Masoud requested "Israel’s" help.
Al Mayadeen's correspondent: Around 300 settlers have stormed the Al-Aqsa Mosque under the protection of the Israeli occupation forces.
Al Mayadeen's correspondent: The IOF is preventing journalists from entering the Qattanin Gate to prevent them from reporting on the raids.
Al Mayadeen's correspondent: More than 2,900 settlers stormed the courtyards of Al-Aqsa Mosque in recent days.
Al Mayadeen's correspondent: Occupation forces deploy near Bab al-Qattanin, one of the doors of Al-Aqsa Mosque.
Al Mayadeen's correspondent: Settlers storm the alleys of the Old City in occupied Al-Quds in large groups on the fifth day of “Throne Day.”
Kevin McCarthy ousted as leader of US House by his Republican party
Al Mayadeen correspondent: The ousting decision requires a simple majority in the House of Representatives of 214 votes
Al Mayadeen's correspondent: US House of Representatives begins voting on decision to oust Speaker Kevin McCarthy
Tunisian Free Constitutional Party: Party chief Abir Moussi was arrested and taken to an unknown destination

Eurozone entered technical recession: EuroStat

  • By Al Mayadeen English
  • Source: Agencies
  • 8 Jun 2023 20:24
  • 2 Shares
  • x

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.  

  • 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

German economy set to shrink as part of eurozone slowdown

Eurozone piles economic hazards; Money supply drops, first since 2010

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

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
A Ukrainian soldier of the elite drone unit packs up after an attack on the front line in the outskirts of Kremennaya, Ukraine, Sunday, August 20, 2023 (AP)

Ukraine loses around 700 soldiers in one day: Russia MoD

  • Europe
  • 30 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

  • US & Canada
  • 2 Oct 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
People protest in Swedia, Syria on September 15, 2023. (AFP)
MENA

'Israel' proposes arming Sweida protesters via Jordan: Reports

Indigenous Xikrin warriors in the Para State of the Brazilian Amazon in August 2019 (AP)
Latin America

Brazil expels illegal settlers from Indigenous lands in Para state

Black Hawk Down: America's history in ending organic truces in Somalia
Africa

Black Hawk Down: America's history in reviving wars in Somalia

UN approves Haiti force after year of pleas
Latin America

UN approves Haiti Kenyan-led force amid Chinese skepticism

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