The Eurozone witnessed a contraction in its economic landscape during the third quarter of 2023, as revealed by the latest data from Eurostat. The Gross Domestic Product (GDP) experienced a 0.1% decline compared to the preceding quarter, confirming the earlier estimate from November 14.

Analysts, queried by Dow Jones Newswires, had anticipated this confirmation. On an annual basis, the GDP remained stagnant for Q3. Notably, the initially reported 0.1% growth in the second estimate was upheld.

Exploring the nuances, private household consumption expenditures saw a 0.3% rise (compared to 0.0% in the previous quarter), mirroring a similar increase in government consumption expenditures. Meanwhile, gross fixed capital formation held steady, showing no change in the Eurozone (with a marginal decrease of 0.1%). Exports experienced a 1.1% decline, while imports decreased by 1.2%.