The Eurozone managed to avoid falling into a technical recession during the last quarter of 2023This means two consecutive quarters of declining activity, despite being exposed to a certain economic paralysis, with the GDP stagnating after a contraction of 0.1% in the last quarter of last year, Eurostat confirmed. .
In the European Union, economic activity showed slight progress of 0.1% in the fourth quarter, exceeding initial expectations by a tenth, after a contraction of 0.1% in the third quarter. Compared to the fourth quarter of 2022, the euro area saw a 0.1% growth in GDP, while the 27th quarter saw a 0.3% increase.
Germany does not raise its head
Regarding EU countries for which data is available, Slovenia led growth in the fourth quarter at 1.1%, followed by Cyprus and Portugal, both at 0.8%. On the other hand, Ireland recorded the worst performance with a contraction of 0.7%, followed by Estonia, Finland and Romania, with a decrease of 0.4%.
In the major European Union economies, Germany saw a contraction of 0.3% in the fourth quarter, after a recession between July and September. France maintained the state of paralysis witnessed in the previous three months, while Italy’s expansion pace accelerated to 0.2%, compared to about 0.1% in the third quarter. Spain, which achieved growth of 0.6% compared to 0.4%, emerged as a large economy with the best performance..
Growth of 0.5% in 2023
Regarding annual growth for 2023, the second Eurostat estimate reveals 0.5% increase in euro area and EU GDP, in contrast to growth of 3.5% and 3.4% respectively in 2022.
Among the major eurozone economies in 2023, Spain led with an average growth of 2.5%, while France and Italy recorded expansions of 0.9% and 0.7%, respectively. On the other hand, Germany saw a contraction of 0.3%.
In 2023, the United States achieved growth of 2.5%, exceeding the 1.9% expansion in 2022 by six tenths, despite monetary policy tightening measures implemented by the Federal Reserve. For its part, China has accelerated its economic growth, with a 5.2% expansion in 2023, compared to 3% in 2022, when it was affected by anti-Covid-19 measures.
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