Following a mild quarter-over-quarter 0.1 percentage point contraction in Q3 , the Euro Area entered the fourth quarter of 2023 on  weak economic footing. However, price pressures, continued to ease in October. Overall inflation stood below 3 percent for the first time in well over two years. On the back of declining inflationary pressures, the European Central Bank kept its main policy rate (i.e., deposit rate) unchanged at 4 percent at its late October meeting. Looking ahead, negative growth in Q3, and a weaker-than-expected start of economic activity in Q4, prompt us to revise downwards our GDP growth projections for selected economies, and the Euro Area, for 2024.