Tuesday, April 23, 2024
HomeE.U.Eurozone Q3 GDP growth weakest in 4 years

Eurozone Q3 GDP growth weakest in 4 years

Economic growth in the eurozone was weaker than expected in the third quarter, Reuters reported.

As Tuesday’s rapid assessment showed: gross domestic product contracted slightly on a quarterly basis, while year-on-year growth slowed sharply.

As reported by the Statistical Office of the European Union Eurostat, the GDP of the 20 countries that make up the euro zone in July-September decreased by 0.1% quarter-on-quarter with growth of 0.1% year-on-year. Economists polled by Reuters had expected quarterly growth of 0.0% and annualised growth of 0.2%.

Eurostat said quarterly growth was 0.1 per cent in France, 0.3 per cent in Spain and 0.5 per cent in Belgium, but this failed to offset a quarterly fall of 0.1 per cent in Germany, no growth in Italy and contractions in Austria, Portugal, Ireland, Estonia and Lithuania.

The eurozone economy faces strong headwinds in the form of high inflation, record high interest rates and slow fiscal tightening.

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