Eurozone Preliminary GDP expands by 0.1% QoQ in Q1 vs. 0.2% expected
The preliminary release published by Eurostat revealed on Friday that the Eurozone economy expanded by 0.1% on a quarterly basis in the three months to March of 2023, missing the 0.2% expected and against the no growth seen in the previous quarter.
The bloc’s annual GDP rate grew by 1.3% in the first quarter (Q1) vs. a 1.8% print registered in the final quarter of 2022 while falling short of the 1.4% expectations.
Market reaction
EUR/USD was last seen trading at 1.0985, down 0.37% on the day. The Euro is consolidating the decline, triggered by the downbeat German GDP data and broad-based US Dollar rebound.
About Eurozone Preliminary GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
