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Eurozone GDP up by 0.3 pct in Q3

Xinhua, November 15, 2016 Adjust font size:

The gross domestic product (GDP) in the 19-country eurozone grew by 0.3 percent in the third quarter, compared with the previous quarter, official estimate showed Tuesday, suggesting the bloc's recovery maintained its pace.

The single currency zone's GDP rose as well by 0.3 percent in Q2 quarter-on-quarter, said Eurostat, the statistical agency of the European Union (EU). For the wider EU, the GDP expanded by 0.4 percent in both the second and third quarters.

There are disparities at a country level. Germany, the powerhouse of the bloc, posted its smallest quarterly expansion in a year with 0.2 percent increase. Meanwhile, the French GDP increased by 0.2 percent following contraction in the second quarter, and growth in Spain remained strong.

Economists cautioned that eurozone's GDP growth was expected to slow in the forth quarter due to German economy's possible disappointing performance and uncertainties in financial market unleashed by presidential election outcome of the United States.

The European Commission, the EU's executive arm, earlier predicted modest economic growth for Europe in 2016, with the real GDP expected to expand by 1.7 percent in the eurozone and 1.8 percent in the EU. Endit