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Financial News: Eurozone Economy Stagnates In Q4

Eurozone Economy Stagnates In Q4

01/30/2024 - 05:35:00 (RTTNews)

(RTTNews) - The euro area economy stagnated in the fourth quarter, the preliminary flash estimate from Eurostat showed on Tuesday.

Gross domestic product remained flat after falling 0.1 percent in the third quarter. Economists had forecast another 0.1 percent fall in the fourth quarter.

Year-on-year, GDP gained 0.1 percent after reporting nil growth. GDP was expected to register nil growth.

According to the first estimate for 2023, GDP advanced 0.5 percent, data showed.

The EU27 economy also posted nil growth sequentially but advanced 0.2 percent from a year ago.

Among the member states, Portugal recorded the highest quarterly growth of 0.8 percent, followed by Spain with 0.6 percent expansion. Declines were recorded in Ireland, Germany and Lithuania.

The next estimates for the fourth quarter will be released on February 14.

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