Data published by Eurostat showed that in the 3rd quarter, the gross domestic product of the eurozone rose by 0.4%, as expected, after an increase of 0.2% percent in the 2nd quarter. Among the bloc's largest economies, Germany expanded by 0.2%, while France's GDP grew by 0.4%. Italy's economy stagnated after growing by 0.2% in the 2nd quarter, while Spain's GDP increased by 0.8%, as in the 2nd quarter.
In annual terms, eurozone economic growth accelerated to 0.9%, as expected, from 0.6% in the previous quarter. This was the strongest growth since the 1st quarter of 2023.
Meanwhile, the GDP of the European Union countries grew by 0.3% in quarterly terms and by 1.0% per annum. In the 2nd quarter, GDP grew by 0.3% over the quarter and by 0.8% per annum.
Separate data also showed that in the 3rd quarter, the number of employed persons in the eurozone rose by 0.2%, accelerating compared to the 2nd quarter (+0.1%). Economists had expected an increase of 0.1%. In the EU, the number of employed persons rose by 0.1%, as in the 2nd quarter. On an annualized basis, employment in the eurozone grew by 1.0% compared with a 0.9% increase in Q2 (revised from +0.8%). Consensus estimates suggested an increase of 0.8%. Meanwhile, in the EU, employment grew by 0.8% after an increase of 0.9% in the 2nd quarter.