Economic growth of Eurozone in third quarter surpasses estimates
Date
10/30/2024 8:57:30 AM
(MENAFN) According to data released by Eurostat on Wednesday, the euro area Economy experienced a quarter-on-quarter expansion of 0.4 percent in the third quarter of the year, covering the months of July through September. This growth reflects a positive trend, with the economy also showing a year-on-year increase of 0.9 percent, slightly surpassing market expectations which had forecasted a growth rate of 0.8 percent. These figures indicate a resilience in the eurozone's economic performance amid various global challenges.
The projections for economic growth within the eurozone also underestimated the quarterly growth, which came in at 0.2 percent. This slight miscalculation highlights the ongoing unpredictability in economic forecasting, as analysts attempt to gauge the effects of various domestic and international factors. On a broader scale, the European Union as a whole recorded a GDP growth rate of 0.3 percent on a quarterly basis and maintained the same 0.9 percent growth rate on an annual basis.
Within the member states of the eurozone, Ireland led the pack with a remarkable increase of 2 percent compared to the previous quarter, indicating a robust economic environment. Following Ireland, Lithuania saw a growth of 1.1 percent, while Spain recorded a more modest increase of 0.8 percent. These figures showcase the varying economic performances among the member states and their respective recovery trajectories.
However, not all countries experienced growth during this period. Declines were noted in Hungary, which faced a contraction of 0.7 percent, followed by Latvia with a decrease of 0.4 percent, and Sweden, which saw a slight dip of 0.1 percent. These variations underscore the economic disparities within the euro area and the differing impacts of external and internal challenges on individual economies.
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