Third-quarter GDP up in EU, eurozone as economic recovery continues

14 November 2013 11:34  [Source: ICIS news]

LONDON (ICIS)--Economic recovery in the EU and eurozone continued in the third quarter with GDP rising by 0.2% and 0.1% respectively, official data showed on Thursday.

Although growth was positive, it had slowed down from the second quarter when the eurozone emerged from recession with GDP expanding by 0.3% following 18 months of contraction. GDP in the EU28 also rose by 0.3% in that quarter.

The biggest quarter-on-quarter rises among member states in the third quarter were in Romania (+1.6%), Latvia (+1.2%), the UK and Hungary (both +0.8%), and Bulgaria and Poland (+0.6%).

GDP fell in Cyprus (-0.8%), the Czech Republic (-0.5%) and France and Italy (both -1%), according to initial estimates from Eurostat.

On a year-on-year basis, third-quarter GDP rose by 0.1% in the EU but fell by 0.4% in the eurozone.

In the US, third-quarter GDP grew by 0.7% from the previous quarter and was 1.6% higher year on year.

Earlier this month The European Central Bank (ECB) cut its key interest rate by 0.25 percentage points to 0.25%, to maintain the momentum of the eurozone’s slow recovery.

The latest Markit manufacturing purchasing managers’ index (PMI) data showed that eurozone manufacturing was continuing to recover into the fourth quarter.

Meanwhile in the UK, the Bank of England’s latest quarterly forecast on Wednesday this week predicted that unemployment could fall to 7% by the fourth quarter of next year, 18 months sooner than it had previously suggested.

By: Graeme Paterson
+44 20 8652 3214

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