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Financial News: Eurozone GDP Recovers In Q3

Eurozone GDP Recovers In Q3

10/30/2020 - 06:32:00 (RTTNews)

(RTTNews) - The euro area economy expanded in the third quarter after shrinking for two straight quarters, preliminary flash estimate from Eurostat showed Friday.

Gross domestic product expanded 12.7 percent on quarter, this was the sharpest growth seen since the series started in 1995. Economists had forecast a quarterly growth of 9.4 percent after falling 11.8 percent in the second quarter.

On a yearly basis, GDP fell 4.3 percent after easing 14.8 percent in the second quarter. GDP was forecast to decline 15 percent.

The EU27 grew 12.1 percent sequentially but fell 3.9 percent from the same period last year.

Among member countries, France recorded the biggest increase of 18.2 percent compared to the previous quarter, followed by Spain and Italy. Germany grew 8.2 percent. Eurostat is set to release next estimate on November 13.

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