The growth rate of GDP (gross regional product) in the euro area such as Germany and France from October to December last year was +0.1% compared to the previous three months.
Despite avoiding negative growth, the economy is clearly slowing down due to inflation and central bank interest rate hikes.
The EU = European Union announced on the 31st that the GDP growth rate of the 19 eurozone countries from October to December last year was +0.1% compared to the previous three months.
Since the year before, it has been positive for seven consecutive quarters, and although negative growth has been avoided, it has slowed further from 0.3% in the previous fiscal year, and the annual rate remains at 0.5%.
Looking at the GDP growth rate by country, Germany, the largest economy in the Eurozone, fell by 0.2% compared to the previous three months, while Italy fell by 0.1%.
On the other hand, France remained at a low level, with 0.1% and Spain at 0.2%.
In the Eurozone, the slowdown in economic growth has become evident as record inflation and a large European Central Bank interest rate hike weigh on consumer spending and business activity.
In addition, the GDP growth rate for the past year, which was also announced, was +3.5% compared to the previous year.