Eurozone GDP did not change in the IV quarter, but grew by 0.4% over the past year

In the last quarter of 2023, the eurozone economy demonstrated stability, showing no changes compared to the previous quarter, according to the final estimates of Eurostat. 

The annual growth was a modest 0.1%, which corresponds to the preliminary forecasts and expectations of analysts. For comparison, in the third quarter there was a quarterly decrease of 0.1% and the same annual increase of 0.1%.

Consumer spending in the fourth quarter increased by 0.1% compared to the previous period, government spending increased by 0.6%, and business investment activity increased by 1%. At the same time, exports remained unchanged, while imports rose by 0.6%.

For the whole of 2023, the eurozone economy showed growth of 0.4%, which is a significant slowdown compared to 3.4% growth in 2022. 

A similar pattern was observed in the economy of the European Union as a whole, where GDP also increased by 0.4% at the end of the year after a more noticeable increase in the previous period. In the fourth quarter, EU GDP remained unchanged compared to the third quarter and grew by 0.2% year-on-year, underlining the general trend of slowing economic growth in the region.