Eurozone economic growth slows to 0.3% in Q3
The deceleration in the economy was attributed to weaker exports as well as a slowdown in Germany, Europe’s largest economy. The German economy grew 0.3% on a quarterly basis after gaining 0.4% in the second quarter, according to data from Germany’s Federal Statistics Office. Meanwhile, Italy’s GDP growth also fell below economists’ expectations in the third quarter, growing by 0.2% compared with economists’ projections that called for 0.3% growth.
However, France’s economy returned to growth in the July-September period. The country’s economy expanded 0.3% in the third quarter owing to a 0.3% increase in consumer spending, in line with economists’ forecasts.
Slower eurozone growth spurred expectations of an extension in the bond-buying program of the European Central Bank (ECB). Previously, ECB president Mario Draghi signaled that they are preparing to expand their €60 billion per month bond-buying program if necessary and that the bank may even cut interest rates again.
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