Eurozone’s GDP growth positive in Q3
Print Edition
Rising inventories and investment kept eurozone economic growth in positive territory in the third quarter despite a negative contribution from trade and no help from household demand which eased further in October, data showed yesterday.
The European Union’s statistics office Eurostat confirmed its previous estimate that gross domestic product in the 17 countries sharing the euro rose 0.1 percent on-quarter for a 0.4 percent year-on-year fall.
The 9.5-trillion-euro economy emerged from recession in the second quarter with 0.3 percent quarterly growth, marking the end of its longest contraction since the creation of the euro.
The rebound, however, remains fragile and uneven, undermined by record-high unemployment, fiscal austerity policies, slow structural reforms and a strong euro, which hurts exporters across Europe.
Net trade, traditionally a strong driver of the eurozone economy, was negative in the three months to September, off 0.3 percentage point from the overall result after a 0.3 point positive contribution in the previous quarter.
But rising inventories added 0.3 point and investment another 0.1 point. Government spending and household consumption were flat on the quarter.
Separately, Eurostat said eurozone retail sales, a proxy for consumer demand, unexpectedly fell in October, reflecting the continued weakness of private consumption at the start of the fourth quarter.
The sales eased 0.2 percent on the month in October after a 0.6 percent drop in September. Economists polled by Reuters expected sales to be flat.
Retail sales fell 0.1 percent from a year ago after a 0.3 percent rise in September.
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