Gross domestic product (GDP) eurozone A decrease of 0.1% was recorded in the third quarter of the year; This decline occurred due to the impact of the decline in economies. Germany (-0.1%) and also Ireland (-1.8%), Austria (-0.6%) and Holland (-0.2%) or Portugal (-0.2%). Finland (-0.9%), Estonia (-0.2%) and Lithuania (-0.1%), their GDP also decreased in the third quarter. This was confirmed by updated data published by the community statistics office this Tuesday. EurostatThis confirms what was expected on October 30 for the euro area.
GDP continues to decline in the Eurozone The first incident since the second quarter of 2020. when the health crisis hit. Eurostat data for June predicted that the euro zone economy had entered a technical recession, chaining two consecutive negative quarters (the fourth period of 2022 and the first period of 2023); However, in a statistical review in July, they were given rates of 0.0% each, and the euro zone Managed to avoid technical recession label. Now, with a 0.1% decline in the third quarter of the year, the euro zone economy is once again positioning itself is on the verge of a possible technical recession. The latest IMF forecasts include growth of 0.7% for the euro zone by 2023 and 1.2% for 2024. Same Wednesday, the European Commission will publish new perspectives macroeconomics.
According to Eurostat data published this Tuesday, among the major economies of the euro zone, Spain (0.3%) continues to be the company that recorded the highest growth in the third quarter. France (0.1%) or from Italy (0.0%). GDP Belgiumincreased by 0.5%.
all European Union It stagnated with zero change (0.0%) in GDP in the third quarter.
Compared to the same period last year, both the euro area and the EU economies reduced their growth to just 0.1%. annual change. These are very poor rates, contrasting with the 1.8% progress made in 2015. Spain In the third quarter of the year compared to the same period of the previous year; 1.9% Portugal or 1.5% in Belgium. At an annual rate, Germany It notes a 0.4% decline in its GDP; one of them Italy remained motionless and France grew by 0.7 percent.
Work is better
But the apparent cooling in the European economy (rates were around 0% in the last four quarters) contrasts this. employment behavior, It recorded rapid growth of 0.3% in the euro zone in the third quarter and 0.2% in the EU bloc as a whole (after improving by 0.1% in both regions in the second quarter).
Compared to the same period of the previous year, employment increased by 1.4% and 1.3% in the third quarter in the Eurozone and the EU.