Europe narrowly avoids a recession
London (CNN) — Europe’s economy narrowly avoided ending 2023 in a recession, according to official EU data released Tuesday.
Posted — UpdatedGross domestic product across the 20 countries that use the euro stagnated in the October-to-December quarter compared with the previous three months, according to an initial estimate published by Eurostat. In the July-to-September quarter, GDP dipped 0.1%.
The wider EU economy, including all 27 member countries, also dodged a recession.
A recession is typically defined as two consecutive quarters of economic contraction.
This is a developing story and will be updated.
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