Euro area 1st quarter GDP growth confirmed at 0.3%

By Tuba Ongun

ANKARA (AA) – The eurozone's gross domestic product (GDP) growth for the first quarter of this year came in at 0.3%, in line with a preliminary estimate, according to a second reading released on Friday.

This is the strongest quarterly GDP growth since the third quarter of 2022, Eurostat data showed.

The quarter-on-quarter figure swung from a 0.1% contraction in the previous two quarters, the Eurostat data showed.

The EU economy also grew 0.3% this January-March compared to the period of last October-December, after being stagnant in the previous two quarters.

On a country basis, Malta saw the largest GDP growth compared to the previous quarter with 1.3%, followed by Greek Cypriot administration of Southern Cyprus (1.2%) and Croatia (1.0%).

GDP contracted the most in Denmark by 1.8%, followed by Estonia with 0.5% and the Netherlands with 0.1%.

On an annual basis, GDP climbed 0.4% in the euro area and 0.5% in the entire EU bloc in three months to March, accelerating from 0.2% and 0.3%, respectively in the previous period.

The eurozone/euro area, or EA19, represents member states that use the bloc's single currency, the euro, while the EU27 includes all of its member countries.