Eurozone growth slowly starting to recover: Fitch

By Ovunc Kutlu

ISTANBUL (AA) - Growth in the eurozone is slowly starting to recover as rising real wages create more supportive stage for consumer spending, Fitch Ratings said Thursday in a statement.

GDP growth in eurozone rose 0.9% annually in the third quarter, which marked the fastest annual growth rate since the second quarter of 2023, the agency said.

Consumption growth picked up to 0.5% quarter-on-quarter in France during the July-September period, and to 1.1% in Spain, it added.

In Germany, according to Fitch, consumption increased in the third quarter after posting a quarterly decline in April-June period.

"With employment still expanding, this is boosting real household labour income, which should help consumer spending," said the statement.

"Nevertheless, eurozone growth remains far below that of the US where GDP rose by 2.7% yoy in 3Q24, driven by a 3.0% expansion in consumer spending," it added.