Eurozone Prelim GDP shrinks 3.8% QoQ in Q1 vs. 3.8% expected, EUR/USD stays above 1.08

After Germany entered a recession in the first quarter of 2020, the Eurozone economic output also shrank in the first quarter, the latest figures released by Eurostat showed on Friday.

The bloc’s quarterly reading came in at -3.8%, matching the expectation of -3.8% and -3.8% reported in Q1. The annualized figure arrived at -3.2% vs. -3.3% expected and -3.3% last.

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About Eurozone GDP

The Gross Domestic Product released by the 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 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).