Following a lower set of revisions, the euro area economy marginally contracted in Q1. Meanwhile, the annual reading is also revised lower to +1.0% from the +1.3% reading from the second estimate. The negative quarterly reading means that the euro area suffered a winter recession, but by the mildest of margins. Here's the breakdown in terms of contribution to GDP for Q1:
- Household consumption -0.1%
- Government expenditure -0.3%
- Gross fixed capital formation +0.1%
- External balance +0.7%
- Changes in inventories -0.4%
