| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 10:00 | Eurozone | GDP (QoQ) | Quarter III | 0.2% | 0.4% | 0.4% |
| 10:00 | Eurozone | GDP (YoY) | Quarter III | 0.6% | 0.9% | 0.9% |
| 10:00 | Eurozone | Industrial production, (MoM) | September | 1.5% | -1.4% | -2.0% |
| 10:00 | Eurozone | Industrial Production (YoY) | September | -0.1% | -2% | -2.8% |
GBP depreciated against most of its rivals in the European session on Thursday as investors digested the second estimate of the euro area’s third-quarter GDP growth and the advance estimate of third-quarter employment.
Eurostat reported its latest estimate of the Eurozone’s GDP growth for the third quarter of 2024 confirmed that the region’s economy expanded 0.4% QoQ in the reviewed period, as initially estimated. This marked the strongest growth rate in two years and was in line with economists’ expectations. Compared to the third quarter of 2023, the euro-area economy grew 0.9%, also matching the initial estimate and economists’ forecasts.
Meanwhile, a separate report from Eurostat revealed that the number of employed persons in the region increased 0.2% QoQ in the third quarter, following a downwardly revised 0.1% QoQ uptick in the previous quarter. Economists had predicted a 0.1% QoQ gain. On a YoY basis, the region’s employment jumped 1.0%, exceeding economists’ prediction of 0.8%.
These favourable data were not enough to overshadow concerns about the negative impacts of potential hikes in the U.S. tariffs after Donald Trump’s inauguration in January 2025 for the eurozone economy.
Adding to investors’ worries, Eurostat announced the region’s industrial production declined 2.0% MoM in September, which represented the steepest drop since January and was worse than economists’ forecast of -1.4% MoM.