The euro zone economy grew by 0.1% in the second quarter of the year, while the Gross Domestic Product (GDP) remained stable in the EU compared to the previous quarter, according to the preliminary estimate published by Eurostat, the statistical office of the European Union.
Compared to the same quarter of the previous year, seasonally adjusted GDP increased by 0.5% in the euro zone and 0.4% in the EU in the second quarter of 2023, following increases of 1.1% in both zones in the previous quarter.
Eurozone GDP: which countries grew the most and which did not?
By countries, Lithuania (+2.9%) recorded the largest increase in GDP compared to the previous quarter, followed by Slovenia (+1.4%) and Greece (+1.3%). The largest declines were seen in Poland (-2.2%), Sweden (-0.8%) and Austria (-0.7%).
Between the large economies of the euro zone, Spain slows its growth to 0.4%, while Germany stagnates, France grows 0.5% and Italy registers a drop of 0.4%.
During the second quarter of 2023, the household final consumption expenditure remained stable in both the euro zone and the EU (0.0% in the previous quarter). He public spending on final consumption it increased by 0.2% in both zones (after -0.6% in the euro zone and -0.1% in the EU in the previous quarter).
The gross fixed capital formation it grew by 0.3% in the euro zone and 0.4% in the EU (after +0.3% and 0.0% respectively). Likewise, the exports fell by 0.7% in both areas (after 0.0% in the eurozone and +0.1% in the EU), while the imports They rose by 0.1% in the euro zone and fell by 0.2% in the EU (after -1.3% and -1.4% respectively in the previous quarter.
“These data suggest that GDP growth in the eurozone only partially recovered in the first half of the year, since the decline at the end of 2022, when the energy crisis hit. These are trivial changes, but every percentage point matters ahead of next week’s ECB meeting,” they explain in Pantheon Macroeconomics.
However, they believe that “in the economy, All signs point to a slowdown in GDP growth in the third quarter until it is below zero.”
Source: Ambito
