Eurozone: Sluggish GDP growth in Q3
November 14, 2013
In the third quarter, the Eurozone's GDP rose 0.1% over the previous period, according to the flash estimate released by the statistical office (Eurostat) on 14 November. The Q3 reading marked the second consecutive increase following six consecutive quarters of contraction - the longest recession in the Eurozone's history - and matched market expectations. On an annual basis, the economy contracted 0.4%, which marks an improvement over the revised 0.6% drop recorded in the previous quarter (previously reported: -0.7% year-on-year).
Looking at the four major countries in the region, Germany - which accounts for nearly 30.0% of the Eurozone's output - recorded the strongest expansion (Q2: +0.7% quarter-on-quarter; Q3: +0.3% qoq). Spain expanded 0.1% compared to the previous quarter (Q2: -0.1% qoq). Conversely, France contracted 0.1% over the previous quarter (Q2: +0.5% qoq) and Italy contracted 0.1% (Q2: -0.3% qoq).
FocusEconomics panelists expect the economy to contract 0.6% in 2013, which is unchanged from last month's forecast. For 2014, panellists expect the economy to expand 0.9%.
Author: Armando Ciccarelli, Head of Data Solutions