Following a lower set of revisions, the euro area economy marginally contracted in Q1. Meanwhile, the annual reading is also revised lower to +1.0% from the +1.3% reading from the second estimate. The negative quarterly reading means that the euro area suffered a winter recession, but by the mildest of margins. Here’s the breakdown in terms of contribution to GDP for Q1:

• Household consumption -0.1%
• Government expenditure -0.3%
• Gross fixed capital formation +0.1%
• External balance +0.7%
• Changes in inventories -0.4%

This article was written by Justin Low at www.forexlive.com.