GDP down by 0.1% and employment up by 0.3% in the euro area

November 15, 2023

GDP growth in the euro area and EU

In the third quarter of 2023, seasonally adjusted GDP decreased by 0.1% in the euro area and remained stable in the EU, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2023, GDP had grown by 0.2% in the euro area and had remained stable in the EU.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 0.1% both in the euro area and in the EU in the third quarter of 2023, after +0.5% in the euro area and +0.4% in the EU in the previous quarter.

During the third quarter of 2023, GDP in the United States increased by 1.2% compared to the previous quarter (after +0.5% in the second quarter of 2023). Compared with the same quarter of the previous year, GDP increased by 2.9% (after +2.4% in the previous quarter).

Employment growth in the euro area and EU

The number of employed persons increased by 0.3% in the euro area and by 0.2% in the EU in the third quarter of 2023, compared with the previous quarter. In the second quarter of 2023, employment had increased by 0.1% in both zones.

Compared with the same quarter of the previous year, employment increased by 1.4% in the euro area and by 1.3% in the EU in the third quarter of 2023, after +1.3% in the euro area and +1.1% in the EU in the second quarter of 2023.

Source: Eurostat
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