The economy of the euro area saw a rebound in the first quarter following two consecutive quarters of contraction, according to the latest flash estimate released by Eurostat on Wednesday.
Gross domestic product (GDP) increased by 0.3% on a quarterly basis, effectively reversing the declines of 0.1% observed in both the third and fourth quarters of 2023. This growth rate is consistent with the preliminary flash estimates that were released on April 30.
Year-over-year, the economic growth rate improved to 0.4% from 0.1%, aligning with the previous estimates.
Additionally, the latest data indicates that quarterly employment growth remained steady at 0.3% in the first quarter. However, the annual employment growth rate moderated to 1.0% from the prior 1.2%.
