The eurozone has officially entered recession, with GDP falling by 0.1% in the first quarter of 2023 compared to the previous quarter, following a similar contraction in the fourth quarter of 2022.

This two-quarter negative growth pattern meets the technical definition of a recession. Germany, Europe's largest economy, has already confirmed its recession. However, employment in the Eurozone continued to rise, with an increase of 0.6% in the first quarter of 2023.