Europe's economy ticks up in the first quarter | CNN Business

Europe’s economy avoided a recession over the winter, picking up pace slightly in the first quarter of 2023 despite Russia’s war in Ukraine and sizable interest rate hikes aimed at fighting inflation. Economic output in the European Union rose 0.

3% in the first three months of 2023 compared with the previous quarter, according to an initial estimate of gross domestic product released Friday. Among the 20 countries that use the euro, output increased 0.1%. During the last three months of 2022, GDP — the broadest measure of an economy’s health — fell 0.1% in the European Union and was flat in the euro zone. A recession technically occurs when an economy contracts for two consecutive quarters.

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