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EZ Q1 FLASH GDP -0.6% Q/Q SA, -1.8% Y/Y WDA
EZ Q1 EMPLOYMENT -0.3% Q/Q SA; -2.1% Y/Y NSA
EZ MAR SA TRADE BALANCE +EUR13.0 BN; FEB +EUR23.1 BN
- The flash estimate of GDP confirmed the preliminary results, showing a 0.6% decline of EZ GDP in Q1, while the annual rate fell at 1.8%.
- Among the member states for which data is available, Portugal (-3.3%), Latvia (-2.6%) and Germany (-1.7%) saw the largest quarterly declines, while Cyprus (+2.0%), Lithuania (+1.8%) and Belgium (+0.6%) recorded the biggest gains.
- While the quarterly EZ employment rate fell by 0.3% in Q1 following two consecutive quarters of growth, the yearly employment rate deteriorated to -2.1% in Q1, after improving to -1.9% in Q4 2020.
- Meanwhile, monthly trade data showed a contraction of the EZ trade surplus to EUR13.0bn in Mar, its lowest level since Mar 2020.
- While monthly exports dropped by 0.3%, imports rose by 5.6%, leading to a decline in the trade surplus.