Confirmed the -0.1% contraction of the eurozone in the third quarter and the stagnation of the EU

Employment grew by 0.3% in the eurozone, despite the fall in GDP, and has accumulated ten consecutive quarters of growth

The gross domestic product (GDP) of the euro zone registered a contraction of 0.1% in the third quarter compared to the previous three months, when it expanded by 0.2%, according to the second reading of the data published by Eurostat, which has confirmed its preliminary estimate, while the European Union as a whole stagnated for the second consecutive quarter.

Compared to the third quarter of 2022, both the euro zone economy and the GDP of the Twenty-seven registered growth rates of 0.1% annually.

In this way, the performance of the eurozone economy between July and September was significantly worse than that observed in the United States, where GDP increased by 1.2% quarterly, while it was also below the performance of the United Kingdom, which stagnated in the third quarter.

Among EU countries, the highest quarterly growth rates between July and September corresponded to Poland (1.4%), Cyprus (1.1%) and Hungary (0.9%), while the worst data were from Ireland (-1.8%), Finland (-0.9%) and Austria (-0.6%).

Likewise, of the main euro economies, Spain once again showed the highest rate of expansion, with 0.3% in the third quarter, compared to 0.4% in the previous three months.

In the case of Germany, GDP fell 0.1%, after growing 0.1% in the second quarter, while France slowed its expansion to 0.1% from 0.6% and Italy stagnated after grow 0.4% between April and June.

For its part, the Netherlands experienced a contraction in GDP for the third consecutive quarter, with a fall in activity of 0.2%, after declines of 0.4% and 0.5% in the second and first quarters of the year. , respectively.

EMPLOYMENT RESISTS.

Likewise, the community statistical office has reported that, despite the contraction of GDP in the third quarter, employment accelerated its growth in the euro zone and in the EU as a whole, extending in both cases the positive sequence to ten quarters. in a row.

In the case of the eurozone, occupancy increased by 0.3% in the third quarter, after an increase of one tenth in the previous quarter, while among the Twenty-seven it rose by 0.2%, after 0.1% in the previous quarter. previous quarter.

Compared to the third quarter of 2022, employment increased in the eurozone by 1.4% annually, while in the EU it grew by 1.3%.

In the case of Spain, employment increased by 1.3% in the third quarter, after the stagnation observed between April and June.