- Eurozone GDP (QoQ) (Q1): -3.6% actual vs –3.8% expected.
- Bloc’s GDP (YoY) (Q1): -3.1% actual vs. -3.2% expected.
- EUR/USD unmoved on data, as the dollar demand dominates.
Eurozone economy contracted less-than-expected in the first quarter, the third estimate released by Eurostat showed on Friday.
The bloc’s quarterly reading came in at -3.6%, beating expectation of -3.8% and -3.8% reported in the preliminary reading. The annualized figure arrived at -3.1% vs. -3.2% expected and -3.2% last.
Meanwhile, the number of employed persons in the Eurozone decreased by 0.2% QoQ in Q1 vs. -0.2% expected and -0.2% previous.
About Eurozone GDP
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
The shared currency shrugs the upward revision to the Eurozone Q1 growth numbers, as EUR/USD keeps losses above 1.1250 level.
At the press time, EUR/USD drops 0.26% to trade at 1.1262.