Eurozone GDP shrinks in 3rd quarter

Euro area economy contracts 0.1% quarter-on-quarter in July-September, flash estimate shows

By Tuba Ongun

The Eurozone gross domestic product (GDP) fell 0.1% in the third quarter of this year, worse than the market forecast, according to a flash estimate on Tuesday.

The figure shifted from an upwardly revised 0.2% growth in the second quarter, Eurostat data showed.

The market had expected the single currency zone economy would stagnate in July-September.

The EU economy, meanwhile, grew 0.1% in the three months to September after stagnating in the previous period.

Among the bloc members for which data is available, the Baltic nation of Latvia (0.6%) showed the largest quarterly growth, followed by Belgium (0.5%) and Spain (0.3%).

The highest declines were seen in Ireland (1.8%), Austria (0.6%), and Czechia (0.3%).

On an annual basis, the GDP rose 0.1% both in the euro area and in the EU in the third quarter of 2023.

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