Eurozone’s Q1 GDP contraction was revised up to -3.6% qoq, up from initial estimate of -3.8% qoq. That was still the sharpest decline on record since 1995. For EU, GDP contracted -3.2% qoq, also the worst since 1995.
Household final consumption expenditure had a strong negative contribution to GDP growth in both Eurozone and the EU (-2.5% and -2.3%, respectively) . Contribution from gross fixed capital formation was also negative in both zones (-1.0% and -0.9% respectively) as was the contribution of the external balance. Contribution of changes in inventories was positive for both zones (+0.3% for Eurozone and +0.4% for EU).
Among Member States for which data are available, Ireland (+1.2%), Bulgaria and Romania (both +0.3%) as well as Sweden (+0.1%) still recorded positive growth compared with the previous quarter. GDP fell in all other EU Member states, with the highest declines in France and Italy (both -5.3%) as well as Spain and Slovakia (both -5.2%).
