First-quarter GDP decrease in EU, eurozone: Eurostat

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First-quarter GDP decrease in EU, eurozone: Eurostat

2026-06-06 09:17 Last Updated At：06-07 16:14

Seasonally adjusted first-quarter GDP decreased by 0.2 percent in the eurozone and by 0.1 percent in the European Union (EU), compared with the previous quarter, according to an estimate published on Friday by Eurostat, the statistical office of the EU.

In the fourth quarter of 2025, GDP had increased by 0.2 percent quarter-on-quarter in both the eurozone and the EU, according to Eurostat.

On an annualized basis, the EU economy grew by 0.7 percent year over year in the first quarter of 2026, while economy in the 19-member eurozone saw a 0.3-percent increase compared with the same period last year. Both figures were lower than the respective growth rates of 1.4 percent and 1.2 percent in the previous quarter, indicating a slowdown in Europe's economic growth momentum. According to Eurostat, the most noteworthy figures came from Ireland, where the economy contracted by 12.1 percent quarter on quarter and 16.8 percent year on year in the first three months of 2026, becoming a significant factor dragging down the overall economic performance of the eurozone.

Analysts believe that the situation in the Middle East has significantly driven up oil and natural gas prices, dealing a major blow to Europe which is heavily dependent on energy imports. At present, the eurozone is facing the risk of stagflation -- a combination of stagnant economic growth and rising prices.

Iran says Strait of Hormuz remains closed, UAE's two vessels reportedly attacked

Iran said on Thursday that the Strait of Hormuz remained closed, while two vessels belonging to Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) were reportedly attacked while transiting the waterway.

Ali Azmaei, commander of the Islamic Revolution Guard Corps (IRGC)'s Navy, said that the strait was closed, and that the Iranian force had complete and decisive control over the movements in the waterway.

No movement in the strait escapes the eyes of the IRGC Navy, the commander said.

Meanwhile, ADNOC issued a statement on Friday, confirming that two of its vessels came under attack in the strait on Thursday evening, according to local authorities and media reports.

In a statement posted on social media, the UAE Ministry of Foreign Affairs condemned the Iranian attacks, stressing the necessity for Iran to cease attacks.

The company confirmed that no injuries have been reported, and the situation has been brought under control, according to the official Emirates News Agency.

The state-owned ADNOC is one of the largest oil and gas producers in the world, serving as the primary driver of the UAE's economy.