The eurozone economy contracted 0.1 percent 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) announced the final data on the second quarter growth rates of the European Union (EU) and the Euro Zone of 2023. The final data confirmed the preliminary data.

Consequently, the seasonally adjusted Gross Domestic Product (GDP) in the 20 members of the Euro Zone 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 in the Reuters poll did not expect a quarterly percentage change, but expected an annual increase of 0.2 percent.

According to Eurostat data, while there was quarterly growth of 0.1 percent in France, 0.3 percent in Spain and 0.5 percent in Belgium, this translated into a decline of 0.1 percent in Germany, no growth in Italy and could not offset the contraction in Austria, Portugal, Ireland, Estonia and Lithuania.

However, contrary to the usual trend in a weakened economic situation, employment in the eurozone increased by 0.3 percent quarterly and 1.4 percent annually in the same period.