Eurozone Economy Continues to Grow Steadily
The eurozone economy grew in the third quarter at a similar pace to the second period. According to the European statistical office Eurostat, growth was 2.2 percent compared to a period earlier. However, in the second quarter, there was still growth of 2.1 percent.
The German economy did less well than expected. Its size increased by 1.8 percent compared to the three months before. This growth is less strong than in the second quarter because the German statistical office Destatis immediately adjusted the figure for that period upwards. In the months April to June, the economy now appears to have grown by 1.9 percent.
The growth of the German economy in the past quarter was lower than the average economists had expected. They expected growth of 2.2 percent. The German industry, in particular, was to blame for this. He suffered a lot from delivery problems, such as chips. This particularly affected the sizeable car sector in Europe’s largest economy.
Earlier this week, there were already reports that the German government would lower its growth forecasts for the economy this year. However, if problems in companies’ supply chains are likely to ease, those for next year would actually go up.
On the contrary, the French economy grew considerably faster than expected. Due to, among other things, higher consumer spending and increased exports, the gross domestic product there increased by 3 percent.
The Italian economy grew 2.6 percent every quarter, which was also a stronger than expected increase. The Spanish economy grew less strongly than expected, but still by 2 percent compared to the second quarter.