[1/3] A crane lifts a shipping container at the HHLA container terminal Altenwerder in Hamburg, Germany, March 31, 2023.
BRUSSELS, May 16, 2010 (FBC) – Eurozone economic growth was 0.1% quarter-on-quarter in the first three months of the year, the European Union’s statistics agency said on Tuesday, with rising employment and a sharp rise in exports boosting the euro’s growth. Zone business profit.
Eurostat also reported that gross domestic product in the 20 countries that share the euro rose 1.3% year-on-year in the January-March period, and employment rose 0.6% in the quarter to 1.7%. .
While details of GDP growth are not yet available, unadjusted trade data for the first quarter showed an 8.5% jump in exports over the same period in 2022 as net trade contributed to the growth.
In the year In March, the eurozone’s unadjusted trade balance swung to a surplus of 25.6 billion euros from a deficit of 20 billion euros in the first three months of 2022. Adjusted for seasonal changes, the March trade surplus was 17 billion euros, from a deficit of 200 million euros the month before.
Better net trade results in the first quarter came from higher exports of machinery, vehicles and chemicals and lower energy production.
Imports from Russia, once a key supplier of oil and gas to the EU, fell 72.1% in January-March from a year earlier after the EU stopped buying most of its energy from Moscow following Russia’s invasion of Ukraine in late February-March. 2022.
Also, the EU’s trade deficit with China, its second-largest trading partner after the United States, fell to 74.7 billion euros in 2022 as the EU seeks to reduce its dependence on Beijing.
Reporting by Jan Strupczewski
Our standards: The Thomson Reuters Trust Principles.
[ad_2]