The Strategist

Eurozone GDP contraction estimate for Q3 confirmed at 0.1%

11/15/2023 - 08:01

The European Union's statistical office reports that the third quarter saw a 0.1% contraction in the Eurozone's GDP over the preceding three months.

Instituto Gallaecia
Instituto Gallaecia
Thus, the preliminary evaluation was validated. Trading Economics surveyed experts, and they did not anticipate a revision.

Out of three estimates, this is the second one for GDP. The final data will be released on December 7.

In comparison to the same period in 2022, the Eurozone economy grew by 0.1% in July–September of this year, which was in line with both analyst projections and the previously released figure.

In contrast, the second quarter saw growth in the Eurozone economy of 0.2% quarter over quarter and 0.5% year over year.

The European Union's GDP grew by 0.1% during the third quarter of last year, but remained unchanged from the preceding three months.