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Economic growth in the eurozone slowed during the third quarter, though the results exceeded the expectations of economists. According to the European statistical office Eurostat, the seasonally adjusted gross domestic product (GDP) of the eurozone rose by 0.4% quarter-on-quarter, following a 0.6% increase in the previous three months. Analysts had previously forecasted a more modest growth of 0.2%. The slowdown was influenced in part by a contraction in the French economy, which unexpectedly declined by 0.1%. France is currently facing domestic unrest and is attempting to manage rising government bond yields as investors react with increasing concern to the country's high budget deficit. Across the broader European Union, GDP grew by 0.5% in the third quarter, following a 0.7% increase in the second quarter. On a year-on-year basis, the eurozone economy expanded by 1.3%, while the EU economy grew by 1.5%. These figures compare to growth rates of 1.2% and 1.4%, respectively, in the previous quarter. Among the EU member states for which data was available, Ireland recorded the highest quarter-on-quarter growth at 5.5%. It was followed by Estonia, Spain, and the Netherlands, each reporting growth of 0.6%. Conversely, declines in economic activity were observed in Lithuania, which saw a 1.0% contraction, and France, which declined by 0.1%. Article source: HN Online | Image credit: HN Online
Economic growth in the eurozone slowed during the third quarter, though the results exceeded the expectations of economists. According to the European statistical office Eurostat, the seasonally adjusted gross domestic product (GDP) of the eurozone rose by 0.4% quarter-on-quarter, following a 0.6% increase in the previous three months. Analysts had previously forecasted a more modest growth of 0.2%. The slowdown was influenced in part by a contraction in the French economy, which unexpectedly declined by 0.1%. France is currently facing domestic unrest and is attempting to manage rising government bond yields as investors react with increasing concern to the country’s high budget deficit. Across the broader European Union, GDP grew by 0.5% in the third quarter, following a 0.7% increase in the second quarter. On a year-on-year basis, the eurozone economy expanded by 1.3%, while the EU economy grew by 1.5%. These figures compare to growth rates of 1.2% and 1.4%, respectively, in the previous quarter. Among the EU member states for which data was available, Ireland recorded the highest quarter-on-quarter growth at 5.5%. It was followed by Estonia, Spain, and the Netherlands, each reporting growth of 0.6%. Conversely, declines in economic activity were observed in Lithuania, which saw a 1.0% contraction, and France, which declined by 0.1%.
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