Eurozone and EU GDP growth in the third quarter

The economy of the 19-nation euro zone grew by 0.3 percent in the third quarter compared to the previous quarter. This is from the final published on Wednesday Data Eurostat, the statistical office of the EU. Preliminary data released in mid-November showed the quarterly growth rate had slowed to 0.2 percent.

GDP in the EU-27 grew 0.4 percent qoq in the third quarter, after growing 0.7 percent in the second quarter, faster than the previously estimated 0.2 percent. Final figures released on Wednesday put annual growth at 2.5 percent, higher than estimates of 2.4 percent.

In a quarterly comparison, economic growth strengthened by 2.3 percent in Ireland and 1.3 percent each in Cyprus, Malta and Romania. The biggest declines were in Estonia (-1.8 percent), Latvia (-1.7 percent) and Slovenia (-1.4 percent).

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Consumer spending in the euro zone rose 0.9 percent in the third quarter compared to the second quarter, while it rose 0.7 percent in the European Union.

Exports increased by 1.7 percent in the euro area and 1.9 percent in the EU, while imports increased by 3.4 percent in the euro area and 3.2 percent in the EU.

According to data on the Eurostat website

Hungary’s GDP fell 0.4 percent in the third quarter, but grew 4.1 percent year-on-year.

Eurostat also released data on euro-zone and EU employment for the third quarter on Wednesday. According to the final calculations, it increased by 0.3 percent in the euro zone and 0.2 percent in the EU, compared to the second quarter, when both the euro zone and the EU grew by 0.3 percent.

Spain posted the biggest employment gain of 1.4 percent, with Malta and Cyprus up 1 percent from the second quarter. The largest decreases were recorded in Finland (-0.8 percent), Romania (-0.6 percent) and Poland (-0.4 percent).

In terms of employment, Hungary recorded an increase of 1.5 percent in the third quarter of this year, while there was no change in the quarter.

Via mti.hu, Beitragsbild: Tibor Illyés/MTI