Eurozone GDP Rose by 0.2% in Q3

According to the second estimate published on Friday by Eurostat, which is in line with Bloomberg’s expectations and confirms the preliminary data published on 14th November, the gross domestic product (GDP) in the eurozone grew in the third quarter of the year by 0.2%, compared with 0.1% in the previous three months.

Between July and September the eurozone economy registered an increase of 0.8%, compared to the same period in 2013, in line with the year-on-year growth figure for the previous three months, and the economies with the greatest rates of expansion among the euro countries in this period were Greece, Slovenia, Slovakia and Spain.

In the third quarter of the year the European Union (EU) as a whole experienced growth of 0.3%, compared to the second quarter, when it grew by 0.2%. Year-on-year, the EU economy grew by 1.3%, compared to the same period last year.

Among the countries of the eurozone whose data were available, the largest GDP increases registered were for Greece (+0.7%), Slovenia (+0.7%), Slovakia (+0.6%), Spain (+0.5%) and Latvia (+0.5%), while the only declines in activity were recorded for Cyprus (-0.4%), Austria (-0.3%) and Italy (-0.1%).

El Economista reported that, among the major economies of the eurozone, of particular significance were the figures for Germany, which registered GDP growth of 0.1% following the 0.1% decline recorded in the second quarter, and France, which posted growth of 0.3%, after falling by 0.1% in the previous quarter.

In contrast to the weakness of the recovery in the eurozone, during the third quarter of the year the economy of the United States managed to grow, quarter-on-quarter, by 1%, following growth of 1.1% in the second quarter, while the United Kingdom grew at a rate of 0.7%, following growth of 0.9% in the second quarter.