Euro area aggregate GDP falls by one-tenth of a percentage point in 3Q23, highlighting credit tightening

Innovation Europe

Intermoney| Euro area aggregate GDP fell by one-tenth of a percentage point in 3Q23, highlighting the transmission of tighter credit conditions. But we should not magnify the stumble of the aggregate if we take into account that Germany, which accounts for 30% of GDP, fell by -0.3% q/qtr. However, we see a series of favourable factors for the EMU countries’ economies to hold up at moderate rates over the coming quarters. In fact, in France the composition of this quarter, in spite of a smaller advance, offered a more solid foundation with an acceleration in domestic demand.

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