Euro area GDP shrank 0.1% in 3rd quarter

By Tuba Ongun

ANKARA (AA) – Eurozone gross domestic product (GDP) contracted 0.1% quarter-on-quarter this July-September, matching previous estimates, according to data released on Thursday.

The third quarter figure followed a downwardly revised 0.1% growth in the second quarter, Eurostat data showed.

GDP in the full EU, on the other hand, remained stable compared to the previous period.

Among member states, the largest GDP growth was seen in Malta with 2.4%, Poland with 1.5%, and Greek Cypriot administration with 1.1% compared to the previous quarter.

The economies of Ireland, Estonia and Finland contracted by 1.9%, 1.3%, and 0.9%, respectively, in the three months to September.

On an annual basis, the GDP remained unchanged in both the euro area and the EU in July-September.

The eurozone/euro area, or EA19, represents member states that use the bloc's single currency, the euro, while the EU27 includes all of its member countries.