According to the preliminary report released by Eurostat on Tuesday, the Eurozone's GDP grew by 0.1% in the three months leading up to December 2022, beating the 0.3% third-quarter growth rate and the predicted 0% growth. Annualized GDP growth for the bloc was 1.9% in Q4 compared to 2.3% booked in the third quarter of 2022 and was in line with predictions of 1.8%.
Market response
The price of EUR/USD was last spotted at 1.0828, down 0.15% for the day. The euro's recovery was stopped at 1.0835 because it was unable to take advantage of the positive Eurozone GDP statistics.
Preliminary GDP for the Eurozone
A measure of the entire value of all products and services generated by the Eurozone is the Gross Domestic Product, which Eurostat recently published.The GDP is regarded as a comprehensive indicator of the economic activity and health of the Eurozone. The EUR typically benefits from rising trends while suffering from decreasing ones (or bearish).