Eurozone Economy Contracts 0.2% in First Quarter

The eurozone economy shrank by 0.2% in the first quarter of 2024 compared to the previous quarter, according to official data. Despite the quarterly decline, the eurozone economy still grew by 0.3% compared to the same period last year, while the broader European Union economy expanded by 0.7% year-on-year during the January-March period. The quarterly contraction reflects ongoing economic challenges facing the 20-nation currency bloc, even as annual comparisons show modest growth momentum remains intact.