New Article:
The euro zone entered into a recession at the end of 2023, according to a review conducted by the European statistics office, Eurostat. The region’s economy contracted by 0.1% in the fourth quarter of the year, marking two consecutive negative periods and officially entering a technical recession. Initially, estimates indicated that the monetary area had stagnated between October and December, with a 0% growth in the Gross Domestic Product (GDP). However, revised data showed a downward trend in the euro zone, with countries like Latvia, Portugal, Lithuania, and Finland experiencing lower than expected growth rates.
Despite some countries experiencing upward revisions in their GDP figures, it was not enough to offset the overall negative impact in the region. The major euro economies like Germany, France, Italy, and Spain had mixed results in terms of growth. Spain’s economy was one of the few to show acceleration, with a robust 0.6% quarterly growth. Analysts attribute the slowdown in growth to various factors such as household purchasing power, monetary adjustments, fiscal aid reduction, and decreased external demand. Additionally
