Eurozone "avoids" recession, EU economy does not grow in the fourth quarter of 2023

Data released by Eurostat - the European Union (EU) statistical agency on January 30 showed that the Eurozone economy avoided a technical recession in the second half of 2023, but slowed down in the last three months of the year.

Eurozone economy escapes technical recession (Source: Reuters)

According to a preliminary report by Eurostat, the growth of 20 economies in the region slowed down (0%) in the fourth quarter of 2023, different from the forecast of a 0.1% decrease that analysts from Bloomberg and financial data company FactSet had previously given.

Also according to Eurostat data, the European Union (EU) economy will not grow in the fourth quarter of 2023 after falling by 0.1% in the third quarter of 2023.

The figures also show that the EU and Eurozone economies will grow by 0.5% year-on-year in 2023, slightly lower than the 0.6% forecast by the European Commission (EC) in November 2023. At that time, the EC expected the Eurozone economy to grow by 1.2% this year.

However, European officials said this January that this growth rate may be lower.

Eurozone growth slowed mainly due to a slowdown in Germany, the region's largest economy.

Figures released by the German Federal Statistical Office (Destatis) on January 30 showed that the German economy decreased by 0.3% in the fourth quarter of 2023 compared to the previous quarter.

Economists in Munich have just cut their overall growth forecast for the German economy in 2024 to 0.7%.

"With the new GDP data for the fourth quarter of 2023 released today, we may have to lower our full-year growth forecast to 0.3%," Ifo President Clemens Fuest said.

Source: https://baoquocte.vn/eurozone-ne-suy-thoai-kinh-te-eu-khong-tang-truong-trong-quy-iv2023-259381.html