Eurozone falls into recession due to revised data and inflation.
TL;DR Summary
The euro zone economy slipped into a technical recession in Q1 2023, after downward revisions of growth in both Q1 and Q4/2022. GDP for the 20-country euro zone fell by 0.1% in Q1 compared with Q4/2022 and was 1.0% up from a year earlier. The revision was principally due to a second estimate from Germany's statistics office showing that the euro zone's largest economy was in recession in early 2023. The contraction in Ireland's economy widened to 4.6% from a preliminary estimate of 2.7%.
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