Eurozone GDP Recovers: +0.3% in Second Quarter

Eurozone GDP is recovering, having registering an increase of 0.3% in the second quarter of 2023. The figure published by Eurostat refers to an increase compared to the first quarter of the year. On the contrary, EU GDP is stable.

Compared to the same quarter last year, seasonally adjusted GDP is growing by 0.6% in the eurozone and by 0.5% in the European Union, while in January-March both indicators registered +1.1%.

The best performance in the second quarter of 2023 compared to the first was registered by the economy of Ireland (+3.3%), followed by Lithuania (+2.8%). Italy showed a decline (-0.3%), and data from Austria (-0.4%), Latvia (-0.6%), and Sweden (-1.5%) is even worse.

If we compare the same periods of 2023 and 2022, the highest rates are registered in Ireland (+2.8%), Portugal (+2.3%), and Spain (+1.8%), while the most drastic decline concerns the economies of Sweden (-2.4 %), Czech Republic (-0.6%), and Latvia (-0.5%).