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Eurozone: Annualized GDP grows 1% in the first quarter compared to the estimated 1.2%

He Gross Domestic Product (GDP) of the Eurozone grew by 1% year-on-year in the first quarter of 2023, standing below 1.8% in the last third of 2022, according to Eurostat. The figure disappoints the 1.2% estimated by the market consensus. This is the lowest growth rate recorded in the region in two years, since the first quarter of 2021.

He Qoq GDP has entered recession mode, falling 0.1% after growing 0.1% the previous quarter. The result is below the 0% expected by the market. This is the first time quarterly growth has entered negative territory since the first three months of 2021.

The euro zone has also published its employment level figures, which have grown by 1.6% annually in the first quarter, compared to the estimated 1.7%, and 0.6% quarterly, meeting expectations.

EUR/USD reaction

He EUR/USD has risen to fresh daily highs at 1.0733 after the publication, driven by the weakening of the Dollar against the main currencies. At time of writing, the pair is trading above 1.0732, gaining 0.32% daily.

Source: Fx Street

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