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In Q1 2023, GDP in the euro area and EU increased by 1.3 per cent and 1.2 per cent on a YoY basis respectively, a decrease from Q4 2022's 1.8 per cent and 1.7 per cent.
Quarterly, GDP rose by 0.1 per cent in the euro area and 0.2 per cent in the EU.
Employment also saw a rise, with YoY increases of 1.7 per cent and 1.6 per cent respectively, as per Eurostat.

Seasonally adjusted gross domestic product (GDP) increased by 1.3 per cent year-on-year (YoY) in the euro area and by 1.2 per cent (YoY) in the European Union (EU) in the first quarter (Q1) of 2023. This was following a growth of 1.8 per cent in the euro area and 1.7 per cent in the EU in the previous quarter.

In Q1 2023, GDP rose by 0.1 per cent in the euro area and by 0.2 per cent in the EU, compared with the previous quarter. GDP had remained stable in the euro area and had decreased by 0.1 per cent in the EU in Q4 2022, according to a flash estimate published by Eurostat, the statistical office of the EU.

The number of employed persons increased by 0.6 per cent quarter-on-quarter (QoQ) in both the euro area and the EU in Q1 2023. In Q4 2022, employment had increased by 0.3 per cent in both the euro area and the EU.

Employment increased by 1.7 per cent in the euro area and by 1.6 per cent in the EU during January-March 2023, after rising 1.5 per cent in the euro area and 1.3 per cent in the EU in Q4 2022.

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EU & euro area see 1.3%, 1.2% GDP growth on YoY basis for Q1 2023

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