The Eurozone economy expanded by 0.1% in the quarter in the three months to December of 2022, meeting the 0% expected and 0.3% registered in the third quarter, the preliminary release published by Eurostat revealed on Tuesday. 

On an annualized basis, the bloc’s GDP rate grew by 1.9% in Q4 vs. 2.3% booked in the third quarter of 2022 while matching 1.8% expectations.

Market reaction

EUR/USD was last seen trading at 1.0828, down 0.15% on the day. The euro failed to capitalize on the upbeat Eurozone GDP data, pausing its rebound at 1.0835.

 About Eurozone Preliminary GDP

The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).