Sunday, October 1, 2023

Euro-zone GDP grew 0.1% in the second quarter, while Spain grew 0.4%

The euro zone economy recorded growth of 0.1% in the second quarter of 2023 compared to the previous three months, the same as in the first tranche of the year, Eurostat confirmed on Thursday.

Economic activity in tourism and service contracts for the first time since October 2022 in August


In the case of Spain, Q2 GDP growth eased to 0.4% from 0.5% in the first three months of 2023.

In the European Union as a whole, however, GDP stagnated between April and June, after growth of 0.2% in the first quarter. Compared to the second quarter of 2022, GDP grew by 0.5% in the euro area and by 0.4% in the EU.

Among the EU countries for which data were available, Lithuania (2.9%) had the highest quarterly growth rate, ahead of Slovenia (1.4%) and Greece (1.3%). Conversely, the worst performing countries over the quarter were Poland (-2.2%), Sweden (-0.8%) and Austria (-0.7%).

Among the major EU economies, Germany stagnated between April and June after contracting 0.1% in the first quarter, while France accelerated its growth to 0.5% from previously zero growth, while Italy’s GDP grew by 0.4% declined after growing 0.6% in the first quarter.

This means that GDP growth in the euro zone was again significantly lower than in the USA, where growth of 0.5% was recorded in both the first and second quarters.

Nation World News Desk
Nation World News Desk
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