The eurozone economy has entered a recession. Revised data from the statistics agency Eurostat show that the economy contracted by 0.1% in the fourth quarter of last year, and a 0.1% contraction was also recorded in the first quarter of this year.
Economists call two consecutive quarters of economic contraction a “technical recession.” According to Eurostat, the contraction is mainly related to lower consumer spending and lower public spending. Previously, the statistics office actually forecast 0.1% growth in the first quarter and observed economic stagnation in the fourth quarter of last year.
Netherlands
A recent Bloomberg news agency poll shows that many economists didn’t see the adjustment in the figures coming. Statistics Netherlands (CBS) recently reported that the Dutch economy contracted by 0.7% in the first quarter. According to Statistics Netherlands, a drop in exports due to weakening world trade was the main cause of the cooling of the Dutch economy.
Source: BNR
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
