The European economy slows down. Eurozone gross domestic product (GDP) moderated its growth to 0.2% in the third quarter of the year, the slowest pace of growth since the first quarter of 2021, according to data released today by Eurostat. In the previous quarter, the economy of the eurozone countries had posted an expansion of 0.8%.
In the European Union (EU) as a whole, GDP growth in the third quarter also slowed to 0.2%, compared with a rise of 0.7% in the second quarter. Compared to the same period last year, GDP in the eurozone grew by 2.1% and in the EU by 2.4%.
Romania was the fastest-growing EU country in the period, up 1.3%, ahead of Poland (0.9%) and Sweden (0.7%). On the other hand, Latvia recorded the largest contraction in the group, with a fall of 1.7%, followed by Slovenia (1.4%) and Hungary (0.4%). In Spain, GDP growth in the third quarter was 0.2%, compared to an increase of 1.5% in the previous three months.
The main European economies also recorded a moderation in growth. Germany recorded an increase of 0.3% between July and September, two-tenths of a percentage point higher than in the second quarter, while the French economy rose by 0.2% and the Italian economy by 0.5%.
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Growth in the number of employed persons also slowed to 0.2% in the eurozone
Eurostat also reported that, in the third quarter of 2022, the number of employed persons in both the euro area and the EU slowed to 0.2%, compared with the 0.4% increase recorded in the second quarter. Compared with the same quarter of the previous year, employment increased by 1.7%.
The European Commission (EC) expects the eurozone to enter recession in the last quarter of 2022 and the first quarter of 2023, according to the economic forecast update it published on Friday. The body also predicts a positive year-end for Spain, after raising its GDP growth forecast by four-tenths of a percentage point to 4.5%, an average of 1.3 points above European economies.
By 2023, the Spanish economy will grow by 1%, seven-tenths above the average for the eurozone (0.3%), above France (0.4%), Italy (0.3%), and Germany (-0.6%). In turn, inflation in Spain will rebound to 8.5% this year, four-tenths of a percentage point higher than expected in July. However, in 2023 it will moderate to 3.4% and in 2024 it will drop to 2.3%.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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