Eurozone economy grows 0.3% in 3rd quarter, surpassing estimates

By Mucahithan Avcioglu

ISTANBUL (AA) - The euro area economy grew 0.3% in the third quarter of this year, exceeding preliminary estimates, according to final data released Friday by Eurostat.

The figure followed a 0.1% quarter-on-quarter expansion in the previous quarter, while in the July-September period, Eurostat had initially estimated that the euro area economy would grow by 0.2%.

Across the European Union, gross domestic product (GDP) expanded 0.4% during the same period.

Among member states, Denmark posted the strongest quarterly growth, with GDP rising 2.3%, followed by Luxembourg and Sweden, both growing 1.1%.

Meanwhile, Ireland and Finland saw the largest contractions, with output down 0.3% for both, while Romania posted a 0.2% decline.

On an annual basis, the eurozone’s GDP expanded 1.4%, compared to 1.6% for the wider EU, Eurostat said.

The eurozone represents the 20 member states that use the euro as their official currency.