According to the preliminary release published by Eurostat on Tuesday, the Eurozone economy expanded by 0.1% in the quarter in the three months to March of 2023, meeting the 0.1% expected clip and at the same pace registered in the fourth quarter of 2022.  

On an annualized basis, the bloc’s GDP rate grew by 1.3% in Q4 vs. 1.3% booked in Q4 2022 while meeting 1.3% expectations.

The old continent’s Preliminary Employment Change data came in at 0.6% and 1.7% on a quarterly and yearly basis respectively.

Market reaction

EUR/USD was last seen trading at 1.0894, up 0.20% on the day. In line with expectations Eurozone GDP data failed to move the needle around the Euro.

 About Eurozone Preliminary GDP

The Gross Domestic Product released by 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's 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).