The economy of the Eurozone saw growth in the first quarter following two consecutive quarters of decline, according to a preliminary flash estimate released by Eurostat on Tuesday.
There was an unexpectedly high quarterly growth in the Gross domestic product (GDP) by 0.3 percent, following a 0.1 percent decline in both the fourth and third quarters of 2023. Consequently, the economy was lifted from a recession. The GDP was initially projected to rise by 0.1 percent in the first quarter.
With regards to annual growth, GDP increased to 0.4 percent from a 0.1 percent in the preceding quarter, surpassing the forecast of 0.2 percent.
