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Euro zone Q3 growth slows

Euro zone Q3 growth slows
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Economic growth in the euro zone slumped between July and September compared to the previous quarter.

The European Union’s statistics office, Eurostat, said GDP in the 16 countries using the euro grew 0.4 percent, that is less than half of the one percent expansion in the second quarter. GDP expanded 1.9 percent year-on-year.

Economists said growth is likely to slow further due a divergence between robust Germany and the weaker euro zone nations.

The third quarter expansion was mainly thanks to continued robust growth in the euro zone’s biggest economy, Germany, which grew 0.7 percent on the quarter, for a 3.9 percent year-on-year rise.

The second biggest, France, saw GDP growth of 0.4 percent quarter-on-quarter and 1.8 percent year-on-year.

In Greece which needs economic growth to convince markets it will be able to repay its debts, the economy shrank 1.1 percent on the quarter, for a 4.5 percent annualised fall.

A more detailed breakdown of the GDP data from Eurostat is not yet available, but economists said the third quarter euro zone expansion was likely to be driven by investment and exports, while private consumption may have been weak.

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