Year-over-year comparisons reveal a marginal increase of 0.1 per cent in seasonally adjusted GDP for both the euro area and the EU in Q3 2023. This growth, however, is a slowdown from the 0.5 per cent and 0.4 per cent increases seen in the euro area and the EU, respectively, in the previous quarter.
In a stark contrast to the European trend, the US’ economy demonstrated more robust growth. The US GDP increased by 1.2 per cent compared to the previous quarter, a significant rise from the 0.5 per cent growth seen in the second quarter of 2023. On a year-over-year basis, the US economy grew by 2.9 per cent in Q3 2023, accelerating from a 2.4 per cent increase in the previous quarter, as per Eurostat.
The employment situation in both the euro area and the EU showed positive trends in Q3 2023. The number of employed persons increased by 0.3 per cent in the euro area and by 0.2 per cent in the EU compared with the previous quarter. This is an improvement from the 0.1 per cent growth recorded in both areas in the second quarter of 2023.
When compared with the same quarter of the previous year, employment in Q3 2023 increased by 1.4 per cent in the euro area and by 1.3 per cent in the EU. These figures represent an acceleration from the 1.3 per cent growth in the euro area and 1.1 per cent in the EU observed in the second quarter of 2023.
ALCHEMPro News Desk (DP)
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