The economies of the entire European Union member countries, comprising its 27 members, escaped a recession in the last quarter of 2023.
Generally speaking, two quarters of economic contraction in a row constitute a recession.
In the second half of 2023, the European Union member states surprisingly avoided its first recession since the pandemic, with stronger growth in Spain and Italy offsetting Germany’s economic woes.
Following a 0.1% fall between July and September, the gross domestic product declined by just the narrowest of margins during the final three months of the year, remaining stagnant.
