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Eurozone’s GDP rises 0.4 in Q3 annually, meeting forecasts
(MENAFN) Gross domestic product (GDP) in the Eurozone experienced a growth of 0.4 percent in the third quarter of 2024 compared to the previous period, in line with preliminary expectations. This growth represents an acceleration from the 0.2 percent increase recorded in the second quarter, marking the highest rate of expansion seen in two years, according to data from Eurostat. The positive performance highlights the recovery momentum within the region's economy as it rebounds from earlier slowdowns.
When viewed from an annual perspective, the Eurozone economy grew by 0.9 percent in the July-September period. This represents the most significant annual growth since 2023, reflecting an improvement from the 0.6 percent increase recorded in the second quarter. The year-on-year growth demonstrates a notable rebound for the region, with the third quarter showing stronger economic activity than the previous months.
The European Central Bank (ECB) has revised its projections, anticipating a more modest 0.8 percent growth for the Eurozone’s GDP over the course of the entire year. This forecast aligns with the gradual economic recovery trend, although it remains below the 0.9 percent annual growth seen in the third quarter. The ECB’s outlook takes into account factors such as inflation trends, fiscal policies, and external economic challenges that could influence the overall economic expansion in the euro area.
The Eurozone, also known as the EA19, includes member states that use the euro as their single currency. This group is distinct from the broader European Union (EU27), which consists of all the member countries of the EU, including those that do not adopt the euro. The differences between the two groupings reflect varying economic and monetary policies, with the Eurozone’s members subject to the common currency and shared monetary governance under the European Central Bank.
When viewed from an annual perspective, the Eurozone economy grew by 0.9 percent in the July-September period. This represents the most significant annual growth since 2023, reflecting an improvement from the 0.6 percent increase recorded in the second quarter. The year-on-year growth demonstrates a notable rebound for the region, with the third quarter showing stronger economic activity than the previous months.
The European Central Bank (ECB) has revised its projections, anticipating a more modest 0.8 percent growth for the Eurozone’s GDP over the course of the entire year. This forecast aligns with the gradual economic recovery trend, although it remains below the 0.9 percent annual growth seen in the third quarter. The ECB’s outlook takes into account factors such as inflation trends, fiscal policies, and external economic challenges that could influence the overall economic expansion in the euro area.
The Eurozone, also known as the EA19, includes member states that use the euro as their single currency. This group is distinct from the broader European Union (EU27), which consists of all the member countries of the EU, including those that do not adopt the euro. The differences between the two groupings reflect varying economic and monetary policies, with the Eurozone’s members subject to the common currency and shared monetary governance under the European Central Bank.
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