Eurozone final Q3 GDP revised down to 0% QoQ vs. 0.1% preliminary estimate

• The Eurozone economy stalled in the third quarter.        
• EUR/USD remains capped below 1.0800 on the disappointing Eurozone GDP data.

The Eurozone economy unexpectedly stalled in the third quarter of 2023, the final estimate published by Eurostat showed on Thursday.

On a quarterly basis, the Gross Domestic Product (GDP) in the old continent stood at 0% in the three months to September of this year. The preliminary figure showed a 0.1% growth during the reported period. The market expected a 0.1% figure.

On an annual basis, the bloc’s GDP contracted 0.1%, at the same pace as that seen in the first readout, in line with the market forecast.

Eurozone’s Final Employment Change came in at 0.2% and 1.3% on a quarterly and yearly basis respectively.

Market reaction

The Euro is bearing the brunt of the discouraging Eurozone data, with EUR/USD easing from intraday highs of 1.0785 to now trade at 1.0773. The pair is still up 0.11% on the day.