According to Eurostat's preliminary report, the growth of 20 economies in the region slowed down (0%) in the fourth quarter of 2023, different from the forecast of a decrease of 0.1% that Bloomberg analysts and data companies predicted. FactSet financial data released earlier. The economy is said to be in a technical recession when there are two consecutive quarters recording negative Gross Domestic Product (GDP) growth. Also according to Eurostat data, the EU economy did not grow in the last quarter of last year after shrinking by 0.1% in the third quarter.
The data also shows that the EU and Eurozone economy in 2023 will grow by 0.5% over the previous year, slightly lower than the forecast of 0.6% issued by the European Commission (EC) in November. 2023. At that time, the EC expected the Eurozone economy to grow by 1.2% this year. However, European officials in January said that this growth rate may be lower.