EU Economy Stagnates, Bulgaria's Rises: 0.4% Q3 Growth

The European economy witnessed a troubling slowdown in the third quarter, with the eurozone facing a 0.1% contraction and the wider EU stagnating, revealed a preliminary report by Eurostat.

Contrary to this trend, Bulgaria emerged as a beacon of growth, marking a consecutive 0.4% expansion for the second quarter in a row. Among EU member states, only five surpassed Bulgaria's economic upturn in this quarter.

Leading the charge in quarterly growth were Poland (1.4%), Cyprus (1.1%), Hungary (0.9%), Latvia (0.6%), and Belgium (0.5%). Bulgaria and Romania closely followed suit, both boasting a 0.4% growth rate.

However, several countries faced notable contractions, notably Ireland (down 1.8%), Finland (down 0.9%), and Austria (down 0.6%).

Year-on-year comparisons showcased a mere 0.1% rise in the GDP of both the eurozone and the EU, signaling a significant slowdown compared to the previous quarter's 0.5% and 0.4% growth respectively.

In contrast, Bulgaria's year-on-year GDP growth stood at a robust 1.7%, outperforming four other EU nations: Cyprus (2.2%), Romania (2.1%), Portugal (1.9%), and Spain (1.8%).

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