Eurozone Preliminary GDP drops by 0.1% QoQ in Q3 vs. 0% expected

The Eurozone economy contracted by 0.1%, on a quarterly basis, in the three months to September of 2023, missing the 0% estimates and slowing down from the pace of 0.1% growth seen in the first quarter of 2023, the preliminary estimate released by Eurostat showed Tuesday.

The old continent’s GDP grew by an annual rate of 0.1% in Q3 vs. a 0.5% expansion in Q2 while meeting 0.2% expectations.

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About Eurozone Preliminary GDP

The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).