Eurozone GDP Expands On Investment, Exports

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BRUSSELS (Alliance News) - The euro area economy expanded, as initially estimated, in the third quarter largely on investment and exports, Eurostat reported Thursday.

Gross domestic product grew 0.6% sequentially, slightly slower than the 0.7% expansion seen in the second quarter. The rate came in line with the estimate released on November 14.

On a yearly basis, GDP advanced 2.6%, which was revised up from the flash estimate of 2.5%.

The expenditure-side breakdown of GDP showed that household spending climbed 0.3% sequentially slower than the 0.5% growth registered in the second quarter.

Likewise, government spending growth eased to 0.2% from 0.3%. Gross fixed capital formation rose 1.1% but weaker than the 2.2% rise seen a quarter ago.

Exports increased at a faster pace of 1.2% following the second quarter's 1% rise. Meanwhile, quarterly growth in imports slowed to 1.1% from 1.7%.

The EU28 also registered sequential GDP growth of 0.6% and annual expansion of 2.6% in the third quarter.

Copyright RTT News/dpa-AFX