ALBAWABA - The Eurozone economy grew by 0.1 percent in the first quarter of 2023, despite widespread expectations of a 0.2 percent growth rate, avoiding a narrow-margin recession.
Germany's Gross Domestic Product (GDP) remained stagnant due to a decline in government and household consumption.
France's GDP, however, inched up by 0.2 percent due to a recovery in household consumption.
Italy's GDP rose by 0.5 percent, driven by support from industry and services, while Spain's GDP also grew by a similar percentage of 0.5 percent, driven by continued strength in investment and tourism, despite rising inflation rates.
The figures form the basis for the European Central Bank's upcoming meeting on May 4, when member states will discuss ways to curb a soaring global inflation.
