Portugal has biggest annual GDP gain in eurozone in third quarter

According to Eurostat’s quick estimate, eurozone gross domestic product (GDP) rose 0.1% year-on-year in the third quarter, with Portugal posting the biggest gain, but fell 0.1% quarter-on-quarter. .

Figures published on Tuesday by community statistics office Eurostat show that in the third quarter of this year, compared with the same period in 2022, both the eurozone’s gross domestic product (GDP) and the European Union as a whole grew by 0. The 1% increase followed year-on-year growth of 0.5% and 0.4%, respectively, in the previous quarter.

In terms of chain variation, seasonally adjusted GDP decreased by 0.1% in the euro area and increased by 0.1% in the EU in this third quarter compared to the previous quarter.

Previously, in the second quarter of 2023, GDP grew by 0.2% in the single currency area and remained stable in the EU, according to Eurostat.

Among the Member States for which data is available for the third quarter of 2023, the largest year-on-year increase (+1.9%) was recorded in Portugal (+1.9%) compared to the same period in 2022, followed by Spain (+1.8%) and Belgium. (+1.5%).

In turn, the largest annual decline was recorded in Ireland (-4.7%), Estonia (-2.5%), Austria and Sweden (-1.2% each).

In quarterly terms, the largest increase compared to the previous quarter was recorded in Latvia (+0.6%), followed by Belgium (+0.5%) and Spain (+0.3%), while the largest decrease was recorded in Ireland (- 1.8%). Austria (-0.6%) and the Czech Republic (-0.3%).

In its summer macroeconomic forecasts published in mid-September, the European Commission said that “very weak” economic activity in recent months in the eurozone and EU, which was expected to persist, had led to a downward revision of economic growth forecasts. growth in 2024 – up to 1.3% and 1.4%.