Among Eurozone's largest economies, the German economy shrank 0.2 percent in the third quarter, following a 0.5 percent growth in the previous period. It was the first quarterly contraction since the three months to March 2015 due to a drop in both exports and household consumption. Also, the Italian economy stalled following a 0.2 percent expansion in the previous period and marking the weakest performance since the last quarter of 2014. On the other hand, France's GDP growth rate was the strongest in almost a year (0.4 percent vs 0.2 percent in Q2) and the Spanish economy continued to expand at a solid pace (0.6 percent, the same as in Q2).
Elsewhere, a contraction was recorded in Lithuania (-0.4 percent vs 0.9 percent) while GDP growth was unchanged in Finland (at 0.3 percent) and slowed in the Netherlands (0.2 percent vs 0.7 percent); Portugal (0.3 percent vs 0.6 percent); Slovakia (1.1 percent vs 1.2 percent); and Cyprus (0.7 percent vs 0.8 percent). On the other hand, economic growth picked up in Austria (0.4 percent vs 0.3 percent); Belgium (0.4 percent vs 0.3 percent); and Latvia (1.8 percent vs 1.2 percent).
Compared with the same quarter of the previous year, the Euro Area economy expanded 1.7 percent in the three months to September, following a 2.2 percent growth in the previous period.
Considering the European Union as a whole, GDP growth eased to 0.3 percent quarter-on-quarter (vs 0.5 percent in Q2); and to 1.9 percent year-on-year (vs 2.1 percent in Q2).