Eurozone: Economy continues to roar ahead in Q3
November 14, 2017
The Eurozone economy continued to perform robustly in the third quarter of 2017, according to a second preliminary estimate released by Eurostat. GDP increased a seasonally-adjusted 0.6% in Q3 from the previous quarter, which was a notch below Q2’s 0.7% rise. The reading matched the preliminary estimate released on 31 October. The Eurozone economy is on track to grow at the fastest pace since 2007 this year due to several tailwinds, including accommodative monetary policy, improving labor market dynamics and a favorable external backdrop. Compared to the same quarter of 2016, seasonally-adjusted GDP expanded 2.5% in Q3, which was above Q2’s 2.3% year-on-year increase.
Additional data released by statistical institutes across the continent revealed a bright picture among the region’s major players. Growth gained speed in Germany and Italy, and remained buoyant in Spain. The German economy is benefiting from a solid external sector and dynamic investment, while Italy’s economy was also boosted by net exports. France’s economy, however, lost steam. More complete GDP data including a breakdown by components will be released on 7 December.