Eurozone Economic Growth Slowed to 4-Year Low in Q3
Growth of the Eurozone gross domestic product (GDP) in the third quarter missed the forecasts. According to the Eurostat report, Eurozone GDP grew by only 0.2% in the third quarter, halving from 0.4% in the previous quarter. Economists had expected growth of 0.4%.
On annual basis, Eurozone economy expanded by 1.7% in Q3, below expected 1.8%. Eurozone growth has now slumped to its slowest rate since the second quarter of 2014.
Today’s data also showed, Eurozone business climate dropped to 1.01, down from 1.21 and missed expectation of 1.15. Economic confidence dropped to 109.8, down from 110.9, missed expectation of 110.0. Industrial confidence dropped to 2.0, down from 4.7 and missed expectation of 3.9. Services confidence dropped to 13.6, down from 14.7 and missed expectation of 14.0. Consumer confidence was finalized at -2.7. That is, all confidence indicators deteriorated, and worse than expected.