Data published by Eurostat showed that in the fourth quarter, the gross domestic product of the eurozone remained unchanged, as expected, after a 0.1% contraction in the third quarter. Thus, the economy avoided a technical recession, defined as two consecutive quarters of negative growth. Among the bloc's largest economies, Germany contracted by 0.3%, while France's GDP stalled. In contrast, economic growth in Spain and Italy accelerated to 0.6% and 0.2%, respectively.
In annual terms, eurozone economic growth accelerated to 0.1%, as expected, from 0% in the previous quarter. Among the bloc's largest economies, the GDP in Germany contracted 0.2% while the economy in France grew 0.7%, Italy expanded 0.5% and Spain GDP jumped 2%
Meanwhile, the GDP of the European Union countries grew by 0.1% in quarterly terms and by 0.3% per annum. In the third quarter, GDP fell 0.1% over the quarter and remained unchanged year-on-year.
Separate data also showed that in the fourth quarter, the number of employed persons in the eurozone increased by 0.3%, accelerating compared to the third quarter (+0.2%). Economists had expected growth of 0.2%. In the EU, the number of employed persons also rose by 0.3% after an increase by 0.2% in the previous quarter. On an annualized basis, employment in the eurozone grew by 1.3%, as in the third quarter. Meanwhile, in the EU, employment grew by 1.2% again.