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Eurozone Economy Shrinks in The Third Quarter.

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The economic contraction in the Eurozone marginally increased on a quarterly basis in the third quarter. However, employment continues to rise, contrary to the usual trend of weakening economies. Employment in the Eurozone increased by 0.3% on a quarterly basis in the same period, with a 1.4% year-on-year increase.

The European Union’s statistical office confirmed its estimates on October 31, stating that the Gross Domestic Product (GDP) in the Eurozone’s twenty countries decreased by 0.1% on a quarterly basis from July to September. Data from the European Union’s statistical office showed quarterly economic growth of 0.1% in France, 0.3% in Spain, and 0.5% in Belgium. However, this failed to compensate for a 0.1% quarterly decline in Germany, no growth in Italy, and contractions in Austria, Portugal, Ireland, Estonia, and Lithuania.

The Deputy Head of the European Central Bank stated last week that the Eurozone’s economy is likely to contract slightly in the fourth quarter, following data showing further weakness in the demand for services in October. The decline in growth is attributed to high inflation rates, record-high interest rates, and a slow tightening of fiscal policy.

With a sharp decline in inflation in October, the European Central Bank left interest rates unchanged at its meeting on October 26, ending an unprecedented series of 10 consecutive interest rate hikes.

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