Eurozone Preliminary GDP contracts 0.1% QoQ in Q3 vs. -0.1% expected

The Eurozone economy contracted by 0.1% on a quarterly basis in the three months to September of 2023, meeting the -0.1% estimates and confirming the -0.1% print registered in the preliminary release, the second estimate published by Eurostat showed on Tuesday.

The bloc’s GDP rate grew by an annual rate of 0.1% in Q3 vs. 0.1% recorded in Q2 while matching 0.1% expectations.

Separately, the third quarter Preliminary Employment Change data for the old continent came in at 0.3% and 1.4% on a quarterly and yearly basis respectively.

Market reaction

EUR/USD was last seen trading at 1.0717, up 0.20% on the day. Eurozone GDP data matched expectations and failed to have little to no impact on the Euro.

About Eurozone Preliminary GDP

The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).