Monday, December 4, 2023

Eurozone GDP grew 0.3% in the second quarter after stagnating in the first three months

The economy of Euro zone registered an expansion of 0.3% in the second quarter of 2023 compared to the three previous months, when it had remained stable, as confirmed by Eurostat on Wednesday.

On your side, in the whole of the European UnionGDP stagnated between April and June, after growth of 0.2% in the first quarter of the year.

Compared to the second quarter of 2022, the GDP of the euro area grew by 0.6% and that of the EU by 0.5%.

Among the EU countries for which data were available, the highest rate of quarterly expansion corresponded to Ireland (3.3%), ahead of Lithuania (2.8%) and Slovenia (1.4%).

By contrast, the worst performing countries in the quarter were Poland (-3.7%), Sweden (-1.5%) and Latvia (-0.6%).

Among the large EU economies, between April and June, Germany stagnatedafter contracting 0.1% in the first quarter, while France accelerated its expansion to 0.5% from 0.1% and in Italy GDP fell 0.3% after growing 0.6% in the first quarter.

In the case of SpainGDP growth in the second quarter moderated to 0.4% from 0.5% in the first three months of 2023.

Thus, GDP growth in the euro area once again fell substantially below that of the USAwhich in the second quarter of the year registered an expansion of 0.6%, one tenth more than the growth of 0.5% in the first quarter.


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