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Eurozone economic growth beats estimates in Q3

by ChemOrbis Editorial Team -
  • 14/11/2014 (16:48)
According to a preliminary data from the statistical office of the European Union (Eurostat), the eurozone economy grew faster than expected by 0.2% on a quarterly basis in the third quarter of 2014. Initial estimates called for a growth rate of 0.1 in a survey conducted by Bloomberg. On a year over year basis, the Eurozone grew 0.8% in the third quarter, similar to the second quarter and against expectations of 0.7%.

Across the eurozone, Germany’s gross domestic product (GDP) posted an increase of 0.1% in the third quarter after decreasing 0.1% in the previous three months. The increase was attributed to a strong rise in consumer spending and higher foreign trade rates. In addition, France’s economy grew 0.3% in the third quarter of this year, posting the strongest level in more than a year. Economists’ forecasts called for an increase of 0.1%. Stronger domestic demand was cited as the main reason behind the country’s faster economic growth in the third quarter.

In addition, Greece’s economy posted a higher increase than the biggest economies within the region by 0.7% in the three months ended September with the support of a strong tourist season. The country’s economy grew 0.8% and 0.3% in the first and second quarters, respectively. Economists stated that with the strong growth rates, the country’s economic depression ended.

However, Italy’s GDP fell 0.1% in the third quarter after a decrease of 0.2% reported in the second quarter due to record high unemployment rates. Italy’s GDP has fallen every quarter but two in the last 13 quarters.
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