Euro area and EU GDP declined in the first quarter

In its second estimate, Eurostat also provided data in line with the first estimate. The euro area gross domestic product declined by 1.8 percent on an annual basis in the first three months of this year and down 0.6 percent from the previous quarter.

In the European Union, gross domestic product fell 0.4 percent in the first quarter of this year on a quarterly basis and 1.7 percent on an annual basis. (MTI)