Eurozone Preliminary GDP contracts by 0.6% QoQ in Q1, the second estimate confirms
|The Eurozone economy shrank by 0.6% on quarter in the three months to March of 2021, matching -0.6% expected, the second estimate confirmed on Tuesday.
On an annualized basis, the bloc’s GDP dropped by 1.8% in Q1 vs. -1.8% seen in the first reading while meeting -1.8% expectations.
Separately, Eurozone's employment fell by 0.3% and 2.1% on QOQ and YoY respectively in the first quarter of 2021.
Meanwhile, the Union’s trade balance arrived at EUR13.0B in March vs. EUR23.1B last.
FX implications
The euro shows little reaction to the Eurozone growth figures, as EUR/USD flirts with three-month highs of 1.2220. The spot is adding 0.55% on a daily basis.
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 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).
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