The euro area economy contracted for the first time in more than three years in the first quarter, in contrast to the earlier estimates, dragged down by the massive slump in Ireland, official data revealed Friday.
Gross domestic product shrank 0.2 percent on a quarterly basis, offsetting the 0.2 percent growth seen in the fourth quarter, latest data from the statistical office Eurostat showed. This was the first decline since the fourth quarter of 2022.
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Business News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.