The euro area went into recession in the first quarter of 2023, the second quarter in a row that the zone’s GDP is down 0.1% year on year, Report informs referring to TASS.

The decline in euro area GDP in the fourth quarter of 2022 and the first quarter of 2023 was 0.1% year on year, Eurostat said. Thus, according to the EU statistics agency, since the first quarter, the euro area has been in a state of technical recession, the definition of which is a consecutive economic recession for two consecutive quarters.

In its preliminary estimates, Eurostat indicated that in the fourth quarter of 2022, the GDP of the euro area grew by 0.1%, and in the first quarter of 2023, growth accelerated to 0.2%. The same figures were used by the European Commission in its spring economic forecast published in May, when it announced that the euro area had narrowly avoided a recession.