Euro area GDP posts 0% growth in 4th quarter of 2023, as expected

By Tuba Ongun

ANKARA (AA) – The eurozone economy posted flat GDP growth in the final quarter of last year, matching previous estimates, according to data released on Wednesday.

The fourth quarter figure swung from a 0.1% quarter-on-quarter contraction in both zones in the third quarter of last year, Eurostat data showed.

GDP in the entire EU, on the other hand, rose 0.1% compared to the prior quarter in October-December, up from an initial estimate of 0% growth.

On an annual basis, GDP in the euro area and the EU grew 0.1% and 0.3%, respectively, in the fourth quarter.

Over the course of 2023, both the eurozone and EU economies grew 0.5% in October-December, in line with the initial estimate.

The eurozone/euro area, or EA19, represents member states that use the bloc's single currency, the euro, while the EU27 includes all of its member countries.

The number of employed persons climbed 0.5% in both the euro area and the EU in the final quarter of last year, compared to the previous quarter, Eurostat said.

"Compared with the same quarter of the previous year, employment rose 1.3% in the euro area and 1.2% in the EU in the fourth quarter of 2023, after 1.3% in the euro area and 1.2% in the EU in the third quarter of 2023," it said.