Home News The eurozone economy stagnated at the end of last year. Growth was more moderate, Eurostat data showed

The eurozone economy stagnated at the end of last year. Growth was more moderate, Eurostat data showed

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The eurozone economy stagnated at the end of last year.  Growth was more moderate, Eurostat data showed

In the last quarter of last year, the eurozone economy stagnated in a quarter-on-quarter comparison, but for the whole year 2023, growth was milder than preliminary data indicated. On the basis of the published updated data, the statistical office of the European Union, Eurostat, informed about it, which confirmed the preliminary estimate in the case of quarterly results.

The gross domestic product of the eurozone, after adjusting for seasonal effects, showed zero growth in the last three months of the year compared to the previous quarter. In the third quarter, compared to the second quarter, it recorded a decrease of 0.1 percent. The data thus confirm Eurostat’s information from mid-February.

However, in the case of the entire EU, Eurostat adjusted the February data downwards. In February, it reported on the growth of the EU economy by 0.1 percent, now it has returned to the first estimate from the end of January, based on which the EU economy recorded zero growth quarter-on-quarter.

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In a year-on-year comparison, the GDP of the eurozone increased by 0.1 percent. In this case too, Eurostat confirmed the preliminary estimate from mid-February. However, in the case of the entire EU, he revised the data again. Three weeks ago, he reported the growth of the European Union economy at the level of 0.3 percent, now he set the growth at the level of 0.2 percent.

Eurostat made adjustments in the case of the eurozone when evaluating the development of the economy for the entire year 2023. In its February estimate, Eurostat stated the GDP growth of the eurozone for the past year at the level of 0.5 percent. However, he recently stated that the economy of the monetary union grew by 0.4 percent last year.

He also adjusted the data for the entire EU downwards. In its case, too, he initially set growth at 0.5 percent and on Friday corrected the growth rate to 0.4%. For comparison, in 2022 both economic zones achieved growth at the level of 3.4%.

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