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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

September 07, 2023

In the final GDP estimate for Q2 2023, Eurostat estimates the seasonally adjusted annualized growth rate for real GDP was up 0.1% in the European Union (EU27) and up 0.5% for the Euro Area (EA20, a subset of the EU27 nations). Growth slowed from the previous quarter for the EU27 (+0.6% in Q1 2023) but was faster to the EA20 (+0.3 in Q1 2023).

Among the Member States for which data are available for the second quarter of 2023, Lithuania recorded the highest increase of GDP compared to the previous quarter, followed by Slovenia and Greece. The larges declines were in Poland, Sweden and Austria. 

The European Union economy was 0.4% larger compared to the second quarter of 2022, and the Euro Area economy was up 0.5% from Q2 2022. 

In Q2 2023 compared to Q2 2022, growth in real GDP in Euro Area is attributed to growth in investment and exports, household and government spending.

EU growth over the past year was due to rising exports, investment and government spending while household spending is largely unchanged. 

Source: Eurostat

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