EU's GDP stable, euro area's up 0.3% QoQ in Q2 2023

In Q1 2023, GDP had remained stable in the euro area and had increased by 0.2 per cent in the EU, Eurostat, the statistical office of the EU, said in a press release.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.6 per cent in the euro area and by 0.5 per cent in the EU in Q2 2023, after 1.1 per cent in both zones in the previous quarter.

Among the member states for which data are available for Q2 2023, Ireland at 3.3 per cent recorded the highest increase compared to the previous quarter, followed by Lithuania at 2.8 per cent. Declines were recorded in Sweden at -1.5 per cent, in Latvia at -0.6 per cent, in Austria at -0.4 per cent, and in Italy at -0.3 per cent.

The growth rates compared to the same quarter of the previous year were positive for seven countries, with the highest values observed for Ireland at 2.8 per cent, Portugal at 2.3 per cent, and Spain at 1.8 per cent. The highest declines were recorded for Sweden at -2.4 per cent, Czechia at -0.6 per cent, and Latvia at -0.5 per cent.

ALCHEMPro News Desk (NB)