The euro area’s economy has now registered two consecutive quarters of contraction The Eurozone's economy contracted in the first quarter of 2023, the statistics agency Eurostat revealed on Thursday. This marks the second consecutive quarter of contraction, thus meeting the technical definition of a recession. The announcement came following a downward revision of growth in the 20 countries that use the euro as their currency for the last quarter of 2022 and first quarter of this year. Gross domestic product (GDP) in the Eurozone shrank by 0.1% between January and March, compared to the fourth quarter of 202
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