Financial News: European Economic News Preview: Eurozone GDP Data Due

European Economic News Preview: Eurozone GDP Data Due

10/30/2024 - 01:24:00 (RTTNews)

(RTTNews) - Preliminary GDP estimates from the euro area and other European economies and budget announcement from the UK are due on Wednesday.

At 2.30 am ET, France's statistical office INSEE publishes flash GDP and consumer spending figures. The second largest euro area economy is forecast to grow 0.3 percent in the third quarter after expanding 0.2 percent in the preceding period. At 4.00 am ET, flash GDP and inflation figures are due from Spain. Gross domestic product is expected to post a slower growth of 0.6 percent following second quarter's 0.8 percent expansion. Economists forecast consumer price inflation to rise to 1.7 percent in October from 1.5 percent in September.

At 4.55 am ET, unemployment data is due from Germany. The jobless rate is expected to rise to 6.1 percent in October from 6.0 percent in September.

At 5.00 am ET, Italy's statistical office ISTAT publishes GDP data for the third quarter. The growth is seen easing to 0.7 percent from 0.9 percent.

At 6.00 am ET, Eurostat publishes euro area flash GDP data. The currency bloc is expected to log a steady growth of 0.2 percent in the third quarter.

Also, Eurozone economic sentiment survey results are due. The economic sentiment indicator is seen at 96.4 in October, up from 96.2 in the previous month. At 8.30 am ET, UK Chancellor of the Exchequer will present her Autumn Budget 2024 to Parliament.

At 9.00 am ET, Destatis is slated to release Germany's flash consumer and harmonized prices for October. Consumer price inflation is seen rising to 1.8 percent from 1.6 percent in September.

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