Euro area economy posts flat growth in 4th quarter of 2023

Single currency zone economy grows 0.5% over course of 2023, preliminary flash estimate shows

By Tuba Ongun

The gross domestic product (GDP) in both the eurozone and EU posted a 0% quarter-on-quarter growth in the last quarter of 2023, according to preliminary flash estimates released on Tuesday.

The figure shifted from a 0.1% quarterly contraction in both zones in the third quarter of last year, Eurostat data showed.

Among the member states for which data are available for October-December 2023, Portugal saw the largest quarterly growth rate with 0.8% in the final quarter, followed by Spain (0.6%), Belgium and Latvia (both 0.4%).

On the other hand, the economies of Ireland (0.7%), Germany and Lithuania (both 0.3%) contracted in the same period.

On an annual basis, the euro area and the EU grew 0.1% and 0.2%, respectively, in the fourth quarter of 2023.

Over the course of 2023, the GDP increased by 0.5% in both the euro area and the EU.

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