Eurozone GDP stagnated in the fourth quarter

By: Trademagazin Date: 2023. 03. 08. 11:10

The gross domestic product stagnated in the fourth quarter of the euro area compared to the previous quarter, the statistical office of the European Union, Eurostat, announced on Wednesday.

According to Eurostat data, seasonally adjusted gross domestic product stagnated in the fourth quarter of last year in the euro zone instead of the 0.1 percent expansion included in preliminary estimates, and it shrank by 0.1 percent in the European Union. In the third quarter, the growth was 0.4 percent quarter-on-quarter in both regions.

Compared to the previous year, with seasonal adjustment, the gross domestic product increased by 1.8 percent in the euro zone and 1.7 percent in the EU. In the third quarter, annual growth in the euro area was 2.4 percent, and in the EU 2.6 percent.

Based on the data of the fourth quarter, with calendar and seasonal adjustment, last year’s annual GDP growth in both the euro area and the EU was 3.5 percent.