Eurozone Q3 GDP Growth at 4-Year Low
Economic growth of the Eurozone slowed to its slowest pace in four years in the third quarter, while employment growth also eased during the period. Report of the European Union statistics agency showed, that Eurozone gross domestic product (GDP) rose by 0.2% in the July-September period, confirming preliminary estimates. Meanwhile, Eurozone GDP expanded by 0.4% in the second quarter. This was the slowest rate of economic growth since the second quarter of 2014.
On an annualized basis, Eurozone GDP growth rate was 1.6%, revising down its earlier estimate of a 1.7% growth. Meanwhile, German GDP contracted by 0.2% qoq in Q3, France's GDP rose by 0.4%, while Italy's GDP shrunk by 0.1%.
It was also reported, that the number of people employed in the Eurozone increased by 0.2% quarter-on-quarter and by 1.3%year-on-year, compared with rates of 0.4% qoq and 1.5% yoy in the second quarter.