In the third quarter of 2023, seasonally adjusted gross domestic product remained stable in the European Union compared with the previous quarter, and employment ticked up slightly. Higher government spending and investment contributed to this growth, overcoming headwinds from foreign trade.
Stabilization aside, the EU still faces growth challenges. European industry is unlikely to reach pre-pandemic growth rates anytime soon, as volatile energy prices continue to restrain industrial activity and create distributional conflicts within countries and the bloc as a whole.
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