Europe’s economy grew 0.3% in the first quarter

London (CNN) Europe’s economy avoided recession over the winter, picking up slightly in the first quarter of 2023 despite Russia’s war in Ukraine and significant inflation-targeting interest rate hikes.

Economic output in the EU rose 0.3% in the first three months of 2023 compared to the previous quarter, according to a first estimate of gross domestic product released on Friday. Among the 20 countries that use the euro, production increased by 0.1%.

In the final three months of 2022, GDP – the broadest measure of an economy’s health – fell 0.1% in the EU and was flat in the eurozone.

A recession technically occurs when an economy contracts for two consecutive quarters.

– This is a development story and will be updated.