Economy Updates : Even in the fourth quarter of last year, the European economy did not accelerate. In addition, the growth rates of the European Union’s member states have been stagnating for over a year. In the October–December 2023 quarter, Europe’s economy grew at a rate of zero, down from a mere 0.1 percent in the corresponding period.
This information was provided by the European Union’s statistics agency, Eurostat, on Tuesday during the release of quarterly data. These circumstances have resulted from rising gasoline costs, costly loans, and a downturn in Germany’s economy, which is the largest economy in Europe. Since July 2022, the 20 nations that make up the euro have seen extremely poor economic growth.
The economy of Europe expanded by 0.5% during the July–September 2022 quarter. According to analysts, there is little chance that Europe’s circumstances will improve by 2024. The European economy might be impacted by the terrorist strikes that occurred in January and disrupted marine traffic across the Red Sea.
Low unemployment rates in European nations, though, should provide some respite. Since Russia’s invasion of Ukraine in 2022, the European economy has been experiencing constant difficulties.