Eurozone GDP slowed less than expected in the third quarter, by 0.3%.

Madrid, December 7 (European Press) –

Eurozone gross domestic product revised its rate of expansion between July and September to 0.3% from 0.8% observed in the second quarter of the year, according to the latest estimate published by the community statistics office, Eurostat, which revised eurozone activity data in the third quarter up by a tenth.

However, it is the weakest growth rate in the eurozone economy since the first quarter of 2021, according to data from the statistics office.

In the European Union as a whole, GDP growth slowed in the third quarter to 0.4 from 0.7% in the previous three months, two-tenths better than previously expected but the worst reading since the first quarter of 2021.

Thus, compared to the third quarter of last year, the GDP of the eurozone grew by 2.3%, and the GDP of the European Union grew by 2.5%.

Compared to the fourth quarter of 2019, the last full quarter before the impact of the pandemic, the eurozone’s GDP was 2.2% higher while the EU’s was 2.8% higher.

According to Eurostat, in the third quarter of the year, household final consumption expenditure made positive contributions to GDP growth in both the euro area and the European Union (+0.4% in both areas), while the contribution of government final expenditure was negligible in both. . Regions.

On the other hand, the contribution of gross fixed capital formation was 0.8 percentage points for the eurozone and 0.7 for the EU, while the contributions of the foreign sector were negative (-1.1 points for the eurozone and -0.9 percentage points for the EU). .

Among the countries for which data are available, the highest quarterly growth is recorded in Ireland (+2.3%), ahead of Cyprus, Malta and Romania (all three +1.3%) and Luxembourg (+1.1%), while the largest decline in GDP corresponds to Estonia. (-1.8%), Latvia (-1.7%) and Slovenia (-1.4%).

In the case of Spain, GDP slowed from the rate of expansion in the third quarter to 0.2% from 1.5% in the previous three months. For its part, Germany recorded a growth of 0.4%, an increase of three-tenths from the second quarter, while France grew by 0.2%, compared to 0.5% in the second quarter, and Italy 0.5%, compared to 1.1% in the second quarter.

In the case of the United States, GDP grew by 0.7% in the third quarter compared to the previous three months, when it fell by 0.1%. In the UK, the economy contracted by two-tenths in the quarter, after growing by 0.2% between April and June.