Eurozone GDP growth revised down to 0.3% in first quarter

Eurozone GDP growth revised down to 0.3% in first quarter

The eurozone economy expanded at a slightly slower pace than estimated in the first three months of the year, official data showed on Thursday, with global trade tensions clouding the outlook. The EUs official data agency said the 20-country single currency area recorded growth of 0.3 percent over the January-March period from the previous quarter, down from the 0.4 percent figure published last month. The first quarter growth figure for the European Union as a whole was unchanged at 0.3 percent, Eurostat said. Experts still expect growth to slow sharply as the full effect of US President Donald Trumps 25-percent tariffs on steel, aluminium and auto imports kick in. The EU could also still face Trumps 20-percent levies on a majority of European goods, which were paused for 90 days. A nearly worldwide 10-percent tariff rate also remains in place. Brussels and Washington are in talks to avoid a damaging trade war. The EU has threatened to slap counter-tariffs on US goods if they fail to strike a deal. The EU is still faring better than the US economy, which contracted by 0.1 percent in the first quarter from the previous three-month period, Eurostat data showed. The European Commission on Monday will publish its latest economic growth and inflation forecasts for 2025 and 2026.