Economy essentials

Conjuncture

The eurozone enters recession in early 2023

The euro zone entered a technical recession at the start of the year with a decline in GDP for two consecutive quarters, of 0.1% between January and March and of the same magnitude from October to December, according to revised figures published on Thursday 8 June by Eurostat, the European statistics office. The sharp downward revision is largely explained by that of Germany, penalized by the difficulties of its industry since the end of May. Inflation remains high, at 6.1% in May, despite a decline, and price increases are now affecting food products, manufactured goods and services. The European economy is also affected by the rise in interest rates by the European Central Bank (ECB).

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86,800 net job creations in the private sector in the first quarter in France.

This is the estimate published this Thursday, June 8 by INSEE. This is twice as strong as the provisional estimate published on 5 May. This is the ninth consecutive quarter of growth. Private salaried employment exceeded its pre-health crisis level by 1.2 million jobs at the end of 2019. Industrial employment continued to grow, as did the commercial tertiary sector. On the other hand, construction fell for the first time since the end of 2016.

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