Eurozone sees lower than expected growth

The Eurozone economy expanded by 0.1% in the first quarter of 2023, lower than the estimated 0.2% by analysts. Germany stagnated whilst France and Italy's economies grew after negative readings in Q4. Spain's economy also gathered momentum. However, inflation remained a concern, as the consumer price gains accelerated in France and Spain. Meanwhile, Germany's manufacturing sector improved due to easing supply bottlenecks and lower energy costs, but the consumer economy is slow to pick up. Portugal's GDP grew by 1.6% in Q1, buoyed by exports, while Italian GDP grew by 0.5% in Q1 due to industry and services. The European Central Bank (ECB) has time to digest the data before making any official guidance in its upcoming May 4 decision