The Eurozone economy grew in line with preliminary estimates for the third quarter, supported by higher employment rates and GDP growth in Germany after a contraction in the second quarter.
According to data released by Eurostat on Thursday, the Eurozone’s GDP increased by 0.9% year-on-year in the third quarter, consistent with the initial reading from the end of last month, and up from 0.6% growth in the second quarter.
On a quarterly basis, the Eurozone’s GDP grew by 0.4% in the third quarter, matching expectations and the preliminary reading, following growth rates of 0.2% and 0.3% in the second and first quarters of this year, respectively.
Germany’s GDP rose by 0.2% after a 0.3% contraction in the second quarter, while France’s economic growth accelerated to 0.4% from the 0.2% recorded in the quarter ending in June.
This growth was supported by a 0.2% quarterly increase in Eurozone employment in the third quarter, double what was expected in a Reuters survey of economists, pushing the annual growth rate to 1% from 0.9% in the previous quarter