Cyprus reported the highest jump in GDP on a year-on-year basis in the third quarter of 2023, with a 2.2% increase, data from Eurostat has shown.
Among the countries for which data is available, Romania reported a 2.1% increase in GDP in the third quarter, compared to the corresponding period last year, with Spain seeing a 1.8% increase, Bulgaria up 1.7% and Slovenia up 1.6%.
Other countries to report a GDP increase of more than one percent in the period included Belgium (+1.5%) and Slovakia (+1.1%), while Denmark was up 0.8% and France saw its GDP rise 0.7%.
GDP declines in Q3
The biggest decline in year-on-year GDP in the third quarter was see in Ireland (-4.7%), while Estonia (-2.5%), Austria (-1.2%) and Sweden (-1.2) also saw marked declines.
Overall, GDP increased by 0.1% in both the euro area and the European Union in the third quarter, compared to the same period last year. This was down from a 0.4% increase, year-on-year in the EU in the second quarter (+0.5% in the eurozone).
Compared with the previous quarter, seasonally adjusted GDP decreased by 0.1% in the euro area and remained stable in the overall European Union.
Employment growth
The data also showed employment growth in both the euro area and the EU. In comparison to the third quarter of the previous year, employment rose by 1.4% in the euro area and by 1.3% in the EU during the third quarter of 2023.
Furthermore, on a quarter-on-quarter basis, there was an increase of 0.3% in business employment in the euro area and 0.2% in the EU for the third quarter of 2023 when compared to the preceding quarter.
GDP Growth Rates, Q3 2023 (compared w/Q3 2022)
| Country | Growth Rate (%) |
|---|---|
| Belgium | 1.5% |
| Bulgaria | 1.7% |
| Czechia | -0.6% |
| Denmark | 0.8% |
| Germany | -0.4% |
| Estonia | -2.5% |
| Ireland | -4.7% |
| Greece | (Data not available) |
| Spain | 1.8% |
| France | 0.7% |
| Croatia | (Data not available) |
| Italy | 0.0% |
| Cyprus | 2.2% |
| Latvia | 0.6% |
| Lithuania | 0.0% |
| Luxembourg | (Data not available) |
| Hungary | -0.3% |
| Malta | (Data not available) |
| Netherlands | -0.5% |
| Austria | -1.2% |
| Poland | 0.5% |
| Portugal | 1.9% |
| Romania | 2.1% |
| Slovenia | 1.6% |
| Slovakia | 1.1% |
| Finland | -1.0% |
| Sweden | -1.2% |