The eurozone economy contracted in the third quarter

The eurozone economy contracted 0.1 percent in the third quarter of this year compared to the previous quarter.

The European Statistical Office (Eurostat) shared data on the third quarter of 2023 growth rates of the Euro Zone.

While the eurozone contracted slightly compared to the previous quarter, the annual growth rate also slowed sharply. Consequently, the Gross Domestic Product (GDP) of the 20 euro zone members contracted by 0.1 percent in the third quarter of 2023 compared to the previous quarter. Eurozone GDP rose 0.1 percent in the third quarter of the year compared to the same period last year.

Economists participating in the Reuters poll did not expect a quarterly percentage change, but expected an annual increase of 0.2 percent.

According to Eurostat data, quarterly growth of 0.1 percent was recorded in France, 0.3 percent in Spain and 0.5 percent in Belgium.

However, these rates could not compensate for the 0.1 percent drop in Germany, the lack of growth in Italy and the contraction in Austria, Portugal, Ireland, Estonia and Lithuania.