Europe narrowly avoided a technical recession at the end of 2023 – Kommersant
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The EU economy barely avoided a technical recession in the last three months of 2023, reports Reuters. The decline in German GDP was offset by strong GDP growth in Portugal and Spain, as well as a strengthening in Italy.
According to preliminary estimates by Eurostat, the EU economy in the fourth quarter of last year showed no changes compared to the previous quarter and grew by 0.1% in annual terms. Agency sources expected eurozone GDP to decline by 0.1% quarterly and remain unchanged year-on-year. This would plunge the European Union into a technical recession—GDP contraction for two consecutive quarters.
It is noted that the greatest contribution to preserving the EU economy from recession was made by Spain, showing an increase of 0.6% from October to December, and Portugal – 0.8%. Italy’s economic growth also accelerated to 0.2% in the final quarter of 2023. At the same time, the German economy showed a decline in GDP by 0.3% in the last quarter of last year.
Read more about the current economic situation in Germany in the material “One-tenth of a recession”.
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