How much did GDP increase in 2023?

For the year 2023 as a whole, GDP increased by 0.4% in both the euro area and the EU, after +3.4% in both zones in 2022. During the fourth quarter of 2023, GDP in the United States increased by 0.8% compared to the previous quarter (after +1.2% in the third quarter of 2023).

Will private consumption grow in the EU in 2023?

Overall, private consumption growth in the EU in 2023 is projected at 0.5%. As inflation loosens its grip on households’ budgets, private consumption is set to rebound to 1.8% in 2024. The household saving rate is projected to decrease in the EU from 13.2% in 2022 to 12.8% in 2024, in line with its long-term average.

How did the US economy perform in the first quarter of 2023?

During the first quarter of 2023, GDP in the United States increased by 0.3% compared to the previous quarter (after +0.6% in the fourth quarter of 2022). Compared with the same quarter of the previous year, GDP increased by 1.6% (after +0.9% in the previous quarter).