Gross domestic product (GDP) grew by 0.1% in the euro area in the third quarter compared to the same period last year, with Portugal recording the largest increase but falling by 0.1% compared to the same period last year. previous quarter, according to a quick estimate by Eurostat.
The data released this Tuesday by the community statistics office, Eurostat, reveal that, in the third quarter of this year compared to the same period in 2022, both the Gross Domestic Product (GDP) of the euro zone and that of the European Union as The whole (EU) grew by 0.1%, increases that follow an annual growth of 0.5% and 0.4%, respectively, in the previous quarter.
In terms of chain variation, seasonally adjusted GDP decreased by 0.1% in the euro area and increased by 0.1% in the EU in this third quarter, compared to the previous quarter.
Previously, in the second quarter of 2023, GDP had grown by 0.2% in the single currency area and remained stable in the EU, according to Eurostat.
Among the Member States for which data is available for the third quarter of 2023, Portugal recorded the largest year-on-year increase (+1.9%), compared to the same period in 2022, followed by Spain (+1.8% ) and Belgium. (+1.5%).
For its part, the largest annual falls were recorded in Ireland (-4.7%), Estonia (-2.5%), Austria and Sweden (-1.2% both).
In quarterly terms, Latvia (+0.6%) recorded the largest increase compared to the previous quarter, followed by Belgium (+0.5%) and Spain (+0.3%), while the largest decreases were recorded in Ireland (-1.8%). Austria (-0.6%) and Czechia (-0.3%).
In its summer macroeconomic forecasts, published in mid-September, the European Commission announced that the “very weak” economic activity of recent months in the euro area and in the EU, which is expected to continue, led to a revision to the lowering of economic growth forecasts. growth in 2024, up to 1.3% and 1.4%.
Source: TSF
