Preliminary data from the European statistical office Eurostat reveals that the Eurozone and the European Union managed to maintain economic stability in the fourth quarter of 2023, bouncing back from a 0.1% contraction in GDP during the previous quarter.
According to the first estimate of annual growth in 2023, adjusted for seasonal and calendar factors, both the eurozone and the EU experienced a noteworthy 0.5% GDP growth, as reported by Nova TV.
In comparison to the same quarter in the previous year, seasonally adjusted GDP showed a 0.1% increase in the single currency area and a 0.2% rise in the EU during Q4 2023.
Earlier data from Bloomberg highlighted Germany as the weakest performer among Europe’s leading economies, with a 0.3% contraction in GDP from October to December. Despite teetering on the edge of recession for several quarters, Germany has thus far managed to evade a downturn. However, recent business surveys suggest a slight dip in sentiment at the beginning of the year, and the Bundesbank cautioned that Germany’s GDP might at best remain stagnant in Q1 2024.
In contrast, Spain outperformed expectations with robust growth in the fourth quarter, surpassing the anticipated 0.2% predicted by economists, according to the statistics agency INE. Strong household consumption contributed to a 2.5% growth in Spain’s GDP for the entire year of 2023.