Eurozone narrowly avoids recession as German economy shrinks

World 20:20 30.01.2024

The 20-nation eurozone has narrowly avoided recession after the region’s economy flatlined at the end of 2023, official figures show, Ednews reports.

Zero growth in the single currency zone in the final quarter of last year followed a 0.1% economic contraction in the third quarter, meaning that recession – defined as two consecutive quarters of contraction – was just averted. Economists polled by Reuters had expected the eurozone’s economy to shrink by 0.1% in the fourth quarter.


The eurozone’s two biggest economies both performed poorly in late 2023, with Germany contracting by 0.3% and France posting no growth for a second successive quarter, according to Eurostat, the EU’s statistical agency.

There was better news from the other two members of the eurozone’s “big four”. Italy, which had been expected to stagnate, recorded growth of 0.2%, while Spain expanded by 0.6% – three times the 0.2% forecast.

Of the smaller eurozone economies, Portugal grew by 0.8% in the final quarter, Austria expanded by 0.2%, while Ireland’s economy contracted by 0.7% – its fourth successive quarterly fall in 2023.

Eurostat said that the broader 27-nation European Union also posted no growth in the fourth quarter. From the fourth quarter of 2022 and the final quarter of 2023, the eurozone expanded by just 0.1%, while the EU grew by 0.2%.

“The eurozone economy escaped recession by the skin of its teeth by the end of 2023,” Diego Iscaro, head of Europe economics at S&P Global Market Intelligence, said. “The outlook for 2024 continues to be challenging amid faltering demand and increasing geopolitical tensions.”

IEPF issued a statement regarding Azerbaijani children at the UN Human Rights Council

News line

IEPF has started a new project to support local NGOs
16:05 04.06.2025
Zelenskyy says Ukraine has invitation to attend NATO summit
12:03 03.06.2025
Houthis say they attacked Tel Aviv’s Ben Gurion Airport
11:57 03.06.2025
Pakistan thanks Azerbaijan for support in localizing gas resources
11:50 03.06.2025
TPAO joins production sharing agreement for Shafag-Asiman offshore block
11:43 03.06.2025
US tariffs on steel, aluminum imports of 50% to take effect on June 4
11:50 31.05.2025
Lachin Rising: A Brotherhood of Steel Between Pakistan, Türkiye, and Azerbaijan
15:02 30.05.2025
"Türkiye welcomes Azerbaijan's efforts for peace in South Caucasus"
14:53 27.05.2025
Trump could exit Ukraine talks
13:56 27.05.2025
North Korea says US 'Golden Dome' risks 'space nuclear war'
12:01 27.05.2025
Hikmat Hajiyev meets with NATO Deputy Secretary General in Brussels
11:10 23.05.2025
Foreign diplomats visit Agdam Conference Center
21:35 21.05.2025
New Secondary School Opened in Gakh by Heydar Aliyev Foundation
21:22 21.05.2025
Azerbaijani and Turkish Presidents Meet One-on-One in Nakhchivan
21:03 21.05.2025
Opening ceremony of World Cup held in Baku
20:57 21.05.2025
Pashinyan, EU Envoys Discuss Armenia-Azerbaijan Peace
19:52 21.05.2025
New Deputy Appointed to Nakhchivan Education Minister
19:20 21.05.2025
Nakhchivan marks Türkiye’s National Sovereignty and Children’s Day
17:42 21.05.2025
F.Shafiyev: Azerbaijan-Türkiye unity is example of effective cooperation
17:35 21.05.2025
Azerbaijan to build circular power link in Karabakh
17:28 21.05.2025
Azerbaijan, Italy discuss prospects for defense cooperation
17:19 21.05.2025
Ilham Aliyev addresses conference on Western Azerbaijan in Ankara
17:14 21.05.2025
Ilham Aliyev: Azerbaijan and Türkiye uphold international law for regional stability
17:03 21.05.2025
President of Cuba congratulates President Ilham Aliyev
16:58 21.05.2025
Azerbaijani President: Digitalization of the Middle Corridor is a priority
16:53 21.05.2025
Erdogan: Ilham Aliyev will be remembered as a peacemaker
16:48 21.05.2025
TDT: Azerbaijan is very important for the development of the Turkic world
16:43 21.05.2025
Georgian minister discusses cooperation with Azerbaijani ambassador
16:35 21.05.2025
Azerbaijan, Türkiye mull prospects for development of military cooperation
16:29 21.05.2025
Azerbaijan and Croatia hold political consultations
16:24 21.05.2025
GlobE Network work plan for 2025 approved in Baku
16:18 21.05.2025
Talks between Azerbaijan and Armenia may be held at level of heads of state
12:21 19.05.2025
A Meeting of Nobles exhibition to open in Shusha
12:15 19.05.2025
Azerbaijan increases construction by over 2026
12:09 19.05.2025
How does space "sound"? -NASA created "music" from the sounds of black hole
12:03 19.05.2025
Azerbaijan joins Fez Festival of World Sacred Music
11:57 19.05.2025
Azerbaijan’s parliamentary delegation starts official visit to Spain
11:53 19.05.2025
EU countries agree on big defence fund with Azerbaijan- Diplomat Says
11:48 19.05.2025
Azerbaijan,Türkiye Hold Talks on Education Sector Cooperation
11:42 19.05.2025
Azerbaijani delegation attends Russia-Islamic World: Kazan Forum 2025
11:36 19.05.2025
Hamısı