EU's GDP stable, euro area's up 0.3% QoQ in Q2 2023

01 Aug '23

2 min read

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In Q2 2023, the euro area's GDP grew by 0.3 per cent QoQ, while the EU's remained stable, as per a preliminary estimate by Eurostat, the statistical office of the EU.
Compared to Q1, the growth is consistent in the euro area, with a slight increase in the EU.
Ireland led the growth at 3.3 per cent, while Sweden had the highest decline at -1.5 per cent.

In the second quarter (Q2) of 2023, the seasonally adjusted gross domestic product (GDP) increased by 0.3 per cent quarter-on-quarter (QoQ) in the euro area and was stable in the European Union (EU), as per a preliminary flash estimate.

In Q1 2023, GDP had remained stable in the euro area and had increased by 0.2 per cent in the EU, Eurostat, the statistical office of the EU, said in a press release.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6 per cent in the euro area and by 0.5 per cent in the EU in Q2 2023, after 1.1 per cent in both zones in the previous quarter.

Among the member states for which data are available for Q2 2023, Ireland at 3.3 per cent recorded the highest increase compared to the previous quarter, followed by Lithuania at 2.8 per cent. Declines were recorded in Sweden at -1.5 per cent, in Latvia at -0.6 per cent, in Austria at -0.4 per cent, and in Italy at -0.3 per cent.

The growth rates compared to the same quarter of the previous year were positive for seven countries, with the highest values observed for Ireland at 2.8 per cent, Portugal at 2.3 per cent, and Spain at 1.8 per cent. The highest declines were recorded for Sweden at -2.4 per cent, Czechia at -0.6 per cent, and Latvia at -0.5 per cent.

Fibre2Fashion News Desk (NB)

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