The final data published by Eurostat showed that in the third quarter the economy grew by 0.4%, accelerating compared to the second quarter (+0.2%) and confirming the preliminary estimate. This was the strongest growth since the third quarter of 2022. Economists also expected the economy to expand by 0.4%. The GDP of the EU countries rose by 0.4% after an increase of 0.2% in the second quarter.
In annual terms, the eurozone economy grew by 0.9%, as expected, after an increase of 0.5% in the second quarter, while EU GDP grew by 1.0% after growing by 0.8%.
Ireland (+3.5%) recorded the highest increase of GDP compared to the previous quarter, followed by Denmark and Lithuania (both +1.2%). The highest decreases were observed in Hungary (-0.7%) and Latvia (-0.2%).
The data also showed that in the third quarter household final consumption expenditure increased by 0.7% in the eurozone and by 0.6% in the EU (after 0.0% in the eurozone and +0.1% in the EU in the previous quarter). Government final consumption expenditure increased by 0.5% in both the eurozone and the EU (after +1.2% in the eurozone and +1.1% in the EU in the previous quarter). Exports decreased by 1.5% in the eurozone and by 1.2% in the EU (after +1.5% in both areas), and imports increased by 0.2% in the eurozone and by 0.3% in the EU (after +1.1% in both areas).
A separate report showed that the number of employed in the eurozone rose by 0.2% after a similar increase in the second quarter (revised from +0.1%). Economists also expected growth of 0.2%. In annual terms, employment growth accelerated to 1.0%, as expected, from 0.9% in the second quarter. Croatia (+1.5%), Ireland (+1.2%) and Malta (+1.0%) recorded the highest growth of employment in persons compared with the previous quarter. The highest decrease of employment was recorded in Romania (-3.1%), Estonia (-1.2%) and Latvia (-0.6%).