GDP growth in the 20 countries of the euro area, according to the first estimate, slowed in the first quarter to 1.3% in annual terms, in the quarter - to 0.1%, says the European statistical agency Eurostat.

Analysts polled by DailyFX expected rates of 1.4% and 0.2%, respectively.

The annualized rate for the fourth quarter of 2022 was 1.8%, with zero in quarterly terms.

In addition, the combined GDP of the EU countries in the last quarter, according to the first estimate, grew by 1.3% in annual terms and by 0.3% in quarterly terms. In the fourth quarter - growth of 1.7% and a decline of 0.1%, respectively.

At the end of 2021, the GDP of the eurozone and the EU each grew by 5.3%. By the end of 2020, the GDP of the European Union fell by 5.9% and that of the eurozone by 6.4%.