2024-02-17 07:29:44
The eurozone economies were unchanged in the fourth quarter of 2023 compared to the previous three months, according to revised data from the statistical office of the European Union (Eurostat). In annual terms, the eurozone economy grew by 0.1%. The dynamics of both indicators coincided with preliminary data and expectations of experts surveyed by Trading Economics, Day.Az reports with reference to Finmarket.
In the third quarter, the eurozone economy decreased by 0.1% compared to the previous quarter and remained unchanged in annual terms.
Eurostat’s preliminary estimates show that the eurozone economy will expand by 0.5% in 2023. Factors that limited GDP growth last year included elevated inflation, high borrowing costs and weak external demand.
The GDP of the 27 EU countries in the 4th quarter grew by 0.1% in quarterly terms after declining by 0.1% in the 3rd quarter. The annual growth was 0.3%.
The largest declines compared to the previous quarter were observed in Ireland (-0.7%), Romania and Estonia (-0.4%). The highest growth was observed in Slovenia (1.1%), Portugal and Cyprus (0.8%).
Germany’s GDP fell 0.3% quarterly after a flat change in the 3rd quarter. In France, GDP remained unchanged from the previous quarter. In Italy, the economy grew 0.2% after expanding 0.1% a quarter earlier. In Spain, GDP growth accelerated to 0.6%, from 0.4% a quarter earlier.
The Eurostat report also provides data on employment dynamics in the eurozone and the EU in the 4th quarter. According to final data, the number of people employed increased by 0.3% compared to the previous quarter in the eurozone and in the EU.
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