The 20 countries that use the euro as their currency fell into a mild recession around the turn of the year, although the broader European economy avoided the downturn.
In the first quarter of the year, gross domestic product (GDP) dropped by 0.1% in the euro area compared with the previous quarter, according to revised official data published Thursday. In the fourth quarter of 2022, GDP also decreased by 0.1%, the figures showed.
A recession is defined as two consecutive quarters of economic contraction.
— This is a developing story and will be updated.
