Europe Narrowly Avoids Recession

Europe narrowly avoided entering a recession by the slimmest of margins at the end of 2023, according to official data reported by CNN.

The broader European Union (EU) economy, comprising 27 member states, also escaped a recession.

Gross domestic product (GDP) across the eurozone remained stagnant in the October-to-December quarter compared to the previous three months, after experiencing a 0.1% decline in the July-to-September quarter.

The broader European Union (EU) economy, comprising 27 member states, also escaped a recession, with GDP rising by 0.5% throughout 2023 in both the eurozone and the EU.

Germany, however, saw its output contract for the first time since the onset of the pandemic, with a 0.3% decline in GDP in the fourth quarter compared to the previous quarter.

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