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Economic news
14.11.2024

Eurozone economic growth accelerated in the 3rd quarter to the highest level since the 3rd quarter of 2022

Data published by Eurostat showed that in the 3rd quarter, the gross domestic product of the eurozone rose by 0.4%, as expected, after an increase of 0.2% percent in the 2nd quarter. Among the bloc's largest economies, Germany expanded by 0.2%, while France's GDP grew by 0.4%. Italy's economy stagnated after growing by 0.2% in the 2nd quarter, while Spain's GDP increased by 0.8%, as in the 2nd quarter.

In annual terms, eurozone economic growth accelerated to 0.9%, as expected, from 0.6% in the previous quarter. This was the strongest growth since the 1st quarter of 2023. 

Meanwhile, the GDP of the European Union countries grew by 0.3% in quarterly terms and by 1.0% per annum. In the 2nd quarter, GDP grew by 0.3% over the quarter and by 0.8% per annum.

Separate data also showed that in the 3rd quarter, the number of employed persons in the eurozone rose by 0.2%, accelerating compared to the 2nd quarter (+0.1%). Economists had expected an increase of 0.1%. In the EU, the number of employed persons rose by 0.1%, as in the 2nd quarter. On an annualized basis, employment in the eurozone grew by 1.0% compared with a 0.9% increase in Q2 (revised from +0.8%). Consensus estimates suggested an increase of 0.8%. Meanwhile, in the EU, employment grew by 0.8% after an increase of 0.9% in the 2nd quarter.

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