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MNI BRIEF: Downward GDP Revisions Push Eurozone Into Recession

(MNI) LONDON
(MNI) London

The eurozone slipped into recession in the first quarter of 2023, after Eurostat said on Thursday that it had revised down growth in both the first quarter and the fourth quarter of last year to -0.1%.

Although only a narrow technical recession now, the data will likely give policymakers on the ECB's Governing Council pause for thought ahead of an expected 25 bps hike in the deposit rate on June 15. Only this week, Executive Board member Isabel Schnabel said "at present we do not expect a recession in the euro area." (See MNI SOURCES: Most At ECB See 4% Rate As Only Outside Chance)

Source: Eurostat

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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