Euro area & EU's GDP remains stable in Q4 2023

31 Jan '24

2 min read

Pic: Adobe Stock

Insights

In Q4 2023, GDP in the euro area and EU remained stable, following a 0.1 per cent decline in Q3.
Annual growth for 2023 was 0.5 per cent for both regions.
Compared to the previous year, Q4 saw a 0.1 per cent increase in the euro area and 0.2 per cent in the EU.
Portugal led growth with a 0.8 per cent rise, followed by Spain at 0.6 per cent.

In the fourth quarter (Q4) of 2023, the gross domestic product (GDP) remained stable in both the euro area and the European Union (EU), as per a preliminary flash estimate by Eurostat, the statistical office of the EU. This follows a 0.1 per cent decline in both zones in the third quarter of 2023.

According to an initial estimation of annual growth for 2023, based on seasonally and calendar adjusted quarterly data, GDP increased by 0.5 per cent in both the euro area and the EU.

When compared with the same quarter of the previous year, seasonally adjusted GDP saw a modest increase of 0.1 per cent in the euro area and 0.2 per cent in the EU in the fourth quarter of 2023. This follows a stagnation in both zones in the previous quarter, as per Eurostat.

Among the member states with available data for the fourth quarter of 2023, Portugal recorded the highest increase compared to the previous quarter with a growth of 0.8 per cent, followed by Spain at 0.6 per cent, and Belgium and Latvia both at 0.4 per cent. On the other hand, declines were observed in Ireland (0.7 per cent), Germany and Lithuania (both 0.3 per cent). The year-on-year growth rates were positive in six countries and negative in five.

Fibre2Fashion News Desk (DP)

More Eurostat News... More Textiles News - Europe...