The economy of 19 countries of the eurozone in the third quarter of 2017 increased by 0.6% compared to the previous quarter, according to the final data of the Statistical Office of the European Union (Eurostat).
The GDP growth relative to July-September 2016 amounted to 2.6%.
Earlier it was reported about the economic recovery of the region by 0.6% compared to the second quarter and by 2.5% in annual terms.
In the II quarter of 2017, the euro area’s GDP increased by 0.7% in quarterly terms and by 2.4% in the annual.
The economy of the 28 EU countries in the III quarter increased by 0.6% compared with the previous quarter in accordance with the initial assessment. The annual growth rate is increased from 2.5% to 2.6%.
In April-June, the growth of the EU economy amounted to 0.7% in quarterly terms and 2.4% in the annual.
Consumer spending in the euro area in July-September increased by 0.3% compared to the previous quarter, in 28 EU countries – by 0.5%. In the second quarter, growth was 0.5% in both the euro area and the European Union.
Investments increased by 1.1% in both the euro area and the European Union after growth in the II quarter by 2.2% and 2% respectively.
Exports from the euro area grew by 1.2% after rising by 1% in the II quarter. Supplies from EU countries increased by 0.9% after rising by 1.1% in April-June.
Imports to the euro area increased by 1.1%, in the EU – by 1% after growth by 1.7% and 1.4% respectively in the II quarter.
Germany’s GDP growth in quarterly terms accelerated from 0.6% in the second quarter to 0.8% in the third quarter.
Meanwhile, France’s GDP growth slowed from 0.6% to 0.5%.
In Italy, GDP growth accelerated to 0.4% compared with 0.3% in the II quarter. Spain’s GDP in July-September increased by 0.8% after rising by 0.9% in April-June.
Greece’s GDP in the third quarter increased by 0.3% after a 0.8% rise in the previous quarter.
In November the European Commission said that the eurozone economy this year will grow the fastest topics in ten years.
According to the European Commission, the economy of 19 eurozone countries will grow by 2.2% this year after rising by 1.8% in 2016. In May, the EC predicted growth in 2017 by 1.7%.
However, in 2018, the euro area’s GDP growth will slow to 2.1%, and in 2019 will be 1.9%. In May, the EC forecast an economic recovery of 1.8% in 2018.