RSS
Eurostat: Spain, Cyprus, Malta and Romania fastest economic growth in the EU in the first quarter of 2023
The EU economy and the euro zone recorded a growth of 1% in Q1 2023, as compared to the similar period of 2022 and Spain, Cyprus, Malta and Romania reported the most significant advance, show the revised data published on Thursday by the European Office for Statistics (Eurostat).
In the EU, the most significant annual advance of January-March 2023 was recorded in Spain (3.8%), Cyprus (3.4%), Malta (3.2%) and Romania (2.8%) and the most significant decline was in Estonia (minus 3.7%), Lithuania (minus 2.7%) and Hungary (minus 1.1%).
The GDP of the US increased by 0.3% in Q1 2023, as compared to the previous three months, and by 1.6% annually.
On a seasonally adjusted basis, EU and euro area GDP was 2.9% and 2.2%, respectively, above the level recorded in the fourth quarter of 2019, before the pandemic. For the US, GDP was 5.4% above the level recorded in the fourth quarter of 2019.
Similarly, the EU economy increased by 0.1% and euro zone dropped by 0.1% in Q1 2023 as compared to the previous three months, when there was a decline of 0.2% in the EU and 0.1% in the euro zone.
The euro area economy slipped into recession in the first three months of this year, while the EU avoided recession, according to revised Eurostat data. The technical definition of recession is two consecutive quarters of contraction in Gross Domestic Product.
In the EU, the biggest economic growth in Q1 2023 as compared to the previous three months, was recorded in Poland (3.8%), Luxembourg (2%) and Portugal (1.6%) and the most significant decline in Ireland (minus 4.6%, Lithuania (minus 2.1) and the Netherlands (minus 0.7%).
Romania had a growth of 0.1% in Q1 2023, as compared to the previous three months when an advance of 1% was recorded.