Eurozone Shows 0.1% Contraction in 3Q23 GDP

The euro zone economy showed contraction on a quarterly basis in the third quarter, the second estimate confirmed on Tuesday, which underlined expectations of a technical recession if fourth quarter GDP contracts as well.

Economy in the euro zone contracted 0.1% quarter-on-quarter in the July-September period, according to an estimate from the European Union’s statistics office Eurostat. However, data showed that the economy grew 0.1% year-on-year in the third quarter.

Meanwhile, Eurostat data showed France’s economy grew 0.1% quarterly, 0.3% in Spain and 0.5% in Belgium. However, all the gains in other European countries could not offset a 0.1% quarterly slump from Germany, Austria, Portugal, Ireland, Estonia and Lithuania. Italy also reported a flat growth.