Official Report, Figures: Eurozone Dives Into Technical Recession

The eurozone has entered a technical recession in the first three months of 2023, bringing households under increasing pressure from rising living costs across the 20 countries that use the euro as their currency, Eurostat figures show. Figures from the EU’s statistics office showed Thursday that gross domestic product (GDP) fell by 0.1% in the first quarter, after revisions to earlier estimates. The eurozone figure for the fourth quarter of 2022 was also cut to -0.1% from a previous reading of zero. A technical recession is generally defined as two successive quarters of negative growth. The EU’s statistic agency revised…