The Eurozone’s GDP for the second quarter, as revised, exhibited a modest 0.3% growth on a quarterly basis, aligning with preliminary market expectations. This growth marks the conclusion of a two-quarter stagnation in the Eurozone economy, signifying a slight recovery from the subdued performance observed during the winter of the previous year.
Economists presently forecast that although the growth trajectory will decelerate due to tightened financing conditions and concerns about the global economic health, the Eurozone’s economic expansion will persist throughout the remainder of this year.
Respondents surveyed by FactSet predict a real GDP growth rate of 0.6% for the Eurozone in 2023.
However, a degree of optimism prevails within certain Eurozone institutions. In June, the European Central Bank projected a 0.9% growth for the Eurozone economy in 2023. Likewise, the European Commission’s May forecast indicated a growth rate of 1.1% for the Eurozone’s economy this year.
