According to projections, economic growth in the euro area abruptly slowed down in the third quarter, raising worries that the bloc could soon enter a recession.
In preliminary numbers released on Monday, the European Union Statistics Office, or “Eurostat,” predicted that the 19 countries’ GDPs had climbed by 0. quarterly at 2 percent, and at 2. 1 percent on an annual basis, according to Reuters.
These outcomes are in comparison to a growth of 0. on a quarterly basis, 8%, and 4. From April to June, the eurozone economy started to suffer the effects of rising inflation, particularly with regard to oil costs following Russia’s invasion of Ukraine, and so on. He was also followed by a surge in interest rates and the persistence of supply chain issues.
Although its economy is still slowing annually, Germany, the biggest economy in Europe, deviated from the trend and registered a tiny uptick in semester growth in the third quarter, from 0. 1% to 0. 3%.
The GDP for the three months of July through September has already decreased in Belgium, Latvia, and Austria.
The eurozone’s economic growth is gradually diminishing.
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