Euro zone economy slows to 0.4% growth in Q3 as crisis-hit France contracts
Eurostat said growth beat Reuters forecasts as resilient spending offset energy price pressure, while Ireland’s 5.5% jump distorted the bloc-wide figure.
- Economic expansion in Europe slowed to 0.4% in the third quarter from 0.6% in the previous three months, Eurostat reported Friday, though annual growth remained resilient at 1.3%.
- Ireland's exceptional 5.5% quarterly growth rate skewed the regional figure, masking underlying weakness where France unexpectedly contracted by 0.1% amid nationwide unrest and rising bond yields.
- Among major economies, Germany expanded by 0.2%, Spain and the Netherlands grew by 0.6%, while Italy remained unchanged as expensive energy created persistent headwinds.
- Despite the slowdown, the figure exceeded gloomy projections made after the start of the Iran war earlier this year, defying expectations of sharper economic compression.
- A fresh energy price jump likely forces the ECB to raise interest rates as soon as December, a move that would further slow regional growth.
63 Articles
63 Articles
Spain is not the fastest growing country in the euro area, which is Ireland (5.5%), and is equal to Estonia and the Netherlands (0.6%)
The Eurozone economy grew by 0.4% in the third quarter of this year compared to the previous quarter. Eurostat, the statistical agency of the European Union, announced on the 30th (local time) that preliminary figures showed the Eurozone's Gross Domestic Product (GDP) for the third quarter increased by 0.4% compared to the previous quarter. On a year-on-year basis, it grew by 1.3%. The third-quarter growth rate was somewhat slower than the secon…
The eurozone economy expanded by 0.4 percent in the third quarter, double analysts' expectations, despite high inflation, a bond market sell-off and an unexpected slowdown in France. Preliminary growth data published by Eurostat show that the good performance of Mediterranean and Nordic countries has persisted, while Western and Central European countries are mostly at the bottom of the rankings. Thanks to the weaker-than-expected GDP data, Hung…
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