Economy

Eurozone growth exceeds expectations

While the ongoing constitutional crisis in Catalonia, Spain's wealthiest region, is expected to drag on growth, the Spanish economy grew by 0.8 per cent in the third quarter, double the rate of the United Kingdom, according to data released today by the Spanish National Institute of Statistics.

Eurostat estimated on Tuesday that the collective GDP of the 19 states of the single currency area grew by 0.6 per cent in the three months to September, faster than the 0.4 per cent growth registered by the United Kingdom over the same period.

Official Eurostat data showed quarter-on-quarter gross domestic product (GDP) growth of 0.6% in the third quarter, a slightly slower quarterly pace than the 0.7% of Q2. Business investment has also been weak in the United Kingdom due to concerns about firms about trade arrangements after March 2019.

Data was more mixed for the whole Eurozone, however, with GDP up 0.6 per cent between June and September - slightly up on market expectations - while inflation undershot predictions at 1.4 per cent for the year to October.

He added: "Domestic demand likely was the key driver of the robust momentum, while net exports were a drag". Nevertheless, economists should expect the Eurozone to grow at a steady rate this year.

Kathleen Brooks at City Index commented: "Eurozone growth is pretty broad-based right now, adding weight to the argument that the Eurozone's economic recovery is well entrenched". Inflation is expected to remain unchanged at 1% in October.

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