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Euro zone Q3 growth slower than thought


Euro zone Q3 growth slower than thought


Euro zone economic growth slowed more than expected in the third quarter compared to the previous three months.

Revised data from the European Union’s statistics office Eurostat showed GDP was up 0.3 percent in the third quarter instead of the previously reported 0.4 percent. Year-on-year growth was unchanged at 1.9 percent.

Eurostat confirmed German third quarter growth at 0.7 percent in quarterly terms, but revised upwards Italian growth to 0.3 percent from 0.2 percent and said the Dutch economy was flat rather than in a 0.1 percent quarterly contraction.

But Greece had a 1.3 percent recession, rather than the 1.1 percent previously reported, and Portugal’s growth was 0.3 percent rather than 0.4 percent.

Also French growth was 0.3 percent rather than 0.4 percent and Finland’s was only 0.5 percent rather than 1.3 percent.

Separately, Eurostat said the unemployment rate in the euro zone was unchanged at 10.1 percent in November, even though the number of people without jobs decreased by 39,000 to 15.924 million.

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