The Eurozone takes a step back and suffers a 0.1% contraction in the third quarter National and international economy

The Eurozone’s GDP recorded a contraction of 0.1% in the third quarter compared to the previous three months, expanding by 0.2%, according to the second reading of data published by Eurostat, which confirmed its initial estimates, while the European Union as a whole remained in recession for the second quarter in a row. . Spain still leads the most important economies.

Compared to the third quarter of 2022, both the eurozone economy and the GDP of the twenty-seven countries recorded growth rates of 0.1% annually.

In this way, the performance of the eurozone economy between July and September was much worse than that observed in the United States, where GDP increased by 1.2% on a quarterly basis, while it was also lower than the performance of the United Kingdom, which suffered of recession in the third quarter. a fourth.

Among EU countries, the highest quarterly growth rates between July and September were Poland (1.4%), Cyprus (1.1%) and Hungary (0.9%), while the worst data came from Ireland (-1.8%) and Finland (-0.9). %) and Austria (-0.6%).

Likewise, among the major eurozone economies, Spain again showed the highest rate of expansion, at 0.3% in the third quarter, compared to about 0.4% in the previous three months.

In the case of Germany, GDP fell by 0.1%, after growing by 0.1% in the second quarter, while France slowed its expansion to 0.1% from 0.6%, and Italy saw a recession after growing by 0.4% between April and June.

For its part, the Netherlands witnessed a contraction in GDP for the third quarter in a row, with activity declining by 0.2%, after declines of 0.4% and 0.5% in the second and first quarters of the year, respectively.

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