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The economies of the eurozone countries have avoided recession


January, 30 2024
watermark Economic news

According to preliminary data from Eurostat for the fourth quarter of 2023, the economies of the eurozone countries have avoided recession. 


In the third quarter of 2023, eurozone GDP decreased by 0.1% compared to the second quarter, but remained at 0% in the fourth quarter. To declare a technical recession, it is necessary that GDP decline for two consecutive quarters compared to the previous three months.


This is an unexpected turnaround, as economists surveyed by Bloomberg and Reuters had expected GDP to decline by 0.1% in the fourth quarter.


Nevertheless, the economic outlook for 2024 remains challenging. Declining demand and rising geopolitical tensions continue to be challenges for the eurozone.


In general, in 2023, the eurozone's GDP grew by 0.5%, which is significantly inferior to the growth of the US economy (3.1%) and China (5.2%). The German economy had the main impact on the overall result, shrinking by 0.3% in the fourth quarter due to lower investment in construction, machinery and equipment. While the French economy remained stable at 0%, Italy and Spain provided growth of 0.2% and 0.6%, respectively.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.