GDP up by 0.1% and employment up by 0.6% in the euro area

May 17, 2023

GDP growth in the euro area and EU

In the first quarter of 2023, seasonally adjusted GDP increased by 0.1% in the euro area and by 0.2% in the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2022, GDP had remained stable in the euro area and had decreased by 0.1% in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.3% in the euro area and by 1.2% in the EU in the first quarter of 2023, after +1.8% in the euro area and +1.7% in the EU in the previous quarter.

During the first quarter of 2023, GDP in the United States increased by 0.3% compared to the previous quarter (after +0.6% in the fourth quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.6% (after +0.9% in the previous quarter).

Employment growth in the euro area and EU

The number of employed persons increased by 0.6% in both the euro area and the EU in the first quarter of 2023, compared with the previous quarter. In the fourth quarter of 2022, employment had increased by 0.3% in both the euro area and the EU.

Compared with the same quarter of the previous year, employment increased by 1.7% in the euro area and by  1.6% in the EU in the first quarter of 2023, after +1.5% in the euro area and +1.3% in the EU in the fourth quarter of 2022.

Source: Eurostat
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