The Eurozone's economy grew by 0.4% in the third quarter of this year compared to the previous quarter, surpassing market expectations. However, economic performance varied among major countries, with France experiencing a contraction.
Eurostat, the statistical office of the European Union, reported on October 30 that the Eurozone's gross domestic product (GDP) increased by 0.4% in the third quarter compared to the previous quarter.
This growth rate exceeds the market forecast of 0.2%. However, it represents a slowdown from the 0.6% growth recorded in the second quarter.
Bloomberg noted that despite inflationary pressures from rising energy prices and a downturn in the French economy, the European economy showed stronger-than-expected resilience. Analysts suggest that the economy maintained its recovery amid challenges such as summer heatwaves and droughts.
Growth varied significantly among member countries. Germany saw a growth of 0.2%, while Spain grew by 0.6%. In contrast, France faced a 0.1% contraction amid ongoing political and social unrest, including large-scale protests.
Among Eurozone countries, Ireland recorded the highest growth rate at 5.5%. Spain, the Netherlands, and Estonia followed with growth rates of 0.6% each.
Meanwhile, the overall economy of the 27 EU member states grew by 0.5% compared to the previous quarter and 1.5% year-on-year in the third quarter.
* This article has been translated by AI.
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