The economy of the eurozone and the EU stagnated in the third quarter compared to the same period last year, with Croatia recording the second highest growth rate among Union countries, behind Malta, according to a report from Eurostat released on Thursday.
In the second quarter, the eurozone economy grew by 0.6 percent year-on-year, while the Union as a whole grew by 0.5 percent. The largest growth in the third quarter was achieved by Malta, at 7.1 percent, followed by Croatia with a GDP growth of three percent in the third quarter compared to the same period last year, according to seasonally adjusted data. In the second quarter, it grew by 2.2 percent.
Romania was closest to Croatia, with its economy growing by 2.9 percent in the third quarter. Cyprus and Greece also recorded GDP growth of 2.2 and 2.1 percent, respectively, compared to the third quarter of last year. The largest decline in economic activity was in Ireland, down 5.6 percent year-on-year. Estonia also saw a GDP decline of four percent compared to the same period last year. The largest European economy, Germany, fell by 0.4 percent. Latvia’s economy remained at the level of the third quarter of 2022.
Slight Decline in the Eurozone on a Quarterly Basis
On a quarterly basis, activity in the 20-member economy decreased by 0.1 percent from July to September, confirming the statistical office’s previous estimate of the same percentage growth. In the EU, activity remained at the level of the previous three months, as confirmed by the latest calculations. In the second quarter, the GDP of the Union and the eurozone grew by 0.1 percent.
