According to Eurostat data, the eurozone economy grew by 0.1% in the second quarter of 2023, remaining stable compared to the first quarter. The European Union’s GDP stagnated after growing 0.2% in the first quarter. In Spain, GDP growth slowed to 0.4% in the second quarter.
According to Eurostat Eurozone economy posted 0.1% growth in the second quarter of 2023 and remains stable compared to the first quarter. This confirms the economic slowdown in the region as the number remains flat from the previous quarter.
In contrast, the European Union’s GDP stagnated in the second quarter after growing 0.2% in the first quarter. This lack of growth points to an overall lower level of economic activity in the region.
Among the European Union countries for which data are available, Lithuania recorded the highest quarterly growth rate, at 2.9%. Slovenia follows with 1.4% and Greece with 1.3%. Conversely, the worst performing countries over the quarter were Poland, down 2.2%, Sweden -0.8% and Austria -0.7%.
As for the major economies of the European Union, Germany stagnated in the second quarter after a 0.1% decline in the first quarter. France accelerated its expansion with growth of 0.5% in the second quarter compared to no previous growth. Italy, on the other hand, saw its GDP fall by 0.4% after growing by 0.6% in the first quarter.
In the case of In Spain, Q2 GDP growth slowed to 0.4% from 0.5% in the first three months of 2023. Although positive growth continues, this slowdown could be a sign of potential economic pressures in the country.
Compared to the United States, GDP growth in the Eurozone was significantly lower as the United States recorded a 0.5% increase in its GDP in both Q1 and Q2.