Eurozone GDP contracted -3.8% qoq in Q1, larger than expectation of -3.3% qoq. EU GDP contracted -3.5% qoq. These were the sharpest decline since the series started in 1995. Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 3.3% yoy in the Eurozone and by 2.7% yoy in the EU in Q1.
Eurozone unemployment rate rose to 7.4% in March, up from February’s 7.3%, better than expectation of 7.7%. EU unemployment rate also rose 0.1% to 6.6%. Eurostat estimates that 14.141 million men and women in the EU, of whom 12.156 million in the euro area, were unemployed in March 2020. Compared with February 2020, the number of persons unemployed increased by 241 000 in the EU and by 197 000 in the euro area.
Eurozone CPI slowed to 0.4% yoy in April, down from March’s 0.7% yoy, but beat expectation of 0.1% yoy. CPI core slowed to 0.9% yoy, down form 1.0% yoy, beat expectation of 0.7% yoy.
