Introduction

According to data from the European Statistical Agency, the eurozone’s gross domestic product (GDP) growth rate decreased by a third to 0.1% in the second quarter of 2023 compared to the previous quarter.

Eurozone GDP Growth Figures

Eurostat, the statistical office of the European Union, reported that the eurozone’s GDP, based on the third reading, showed a year-on-year growth of 0.5% and a quarterly growth of 0.1% in the second quarter of 2023. The initial estimates had predicted growth rates of 0.6% and 0.3% respectively. In the first quarter, the eurozone’s GDP grew by 1.1% year on year and 0.1% on a quarterly basis.

GDP Growth in the European Union

Looking at the European Union as a whole (including 27 countries), the GDP of EU countries showed a year-on-year growth of 0.4% based on the third reading in the second quarter of 2023. However, there was no quarterly growth recorded during this period.

Source

Source: Prime