Gross domestic product (GDP) of the euro area grew 0.3% in the third quarter of the year compared to the previous quarter Increase in household consumption and investmentIt has offset the negative behavior of the external balance, according to data released by Eurostat this Wednesday.
This economic growth rate one-tenth higher than the previous forecast (0.2%), but the eurozone still confirms its slowdown Because economic activity grew by 0.8% in the second quarter of the year.
In the European Union as a whole, GDP growth was 0.4% between July and September, two-tenths more than the preliminary estimate, but three-tenths less than the expansion observed between April and June.
On an annual basis, GDP growth in the third quarter was 2.3% in the euro area and 2.5% in the European Union.compared to the increase of 4.2% and 4.3%, respectively, recorded in the second quarter of this year.
According to countries, Ireland recorded the highest GDP growth between July and September (2.3%), followed by Cyprus, Malta and Romania (all three at 1.3). At the opposite pole were Estonia, Latvia and Slovenia with quarterly contractions of 1.8%, 1.7% and 1.4%, respectively.
Spain recorded slightly below-average economic growth 0.2% from both the Eurozone and the European Union.
consumption and investment
The main reason for the mild economic growth in the euro area and in the bloc as a whole is good performance in household consumption and investment (gross fixed capital formation) contrasts with the contraction in the external balance indicated by the increase in imports, especially energy products.
In the third quarter of the year, especially household consumption increased by 0.9% in the Euro area and by 0.7% in the EU, while investments accelerated to record positive rates of 3.6% and 3.2%, respectively.
Against this, exports increased by 1.7 percent and 1.9 percent in both areashowever, this growth was largely surpassed by imports, which rose 4.3% in the euro area and 4% in the entire bloc.
On the other hand, public spending remained almost flat in the third quarter (a 0.1% increase in the eurozone and EU) and had a “negligible” effect on the behavior of GDP.
employment growth
Regarding employment, the number of people who have a job an increase of 0.3% in countries with a common currency, an increase of 0.2% in the European Union, also compared to the previous quarter. Compared to the third quarter of 2021, growth was 1.8% in the Eurozone and 1.5% in the Twenty-Seven.
In its place, hours worked decreased by 0.1% Compared to the second quarter, it increased by 2.1% in the euro area and 0.3% in the EU, while the annual rate increased by 2.1% and 1.6%, respectively.
Spain (1.4%) was the community partner with the largest increase in employment, followed by Malta and Cyprus (1% in both cases), with the largest decreases in Finland (0.8%) and Romania (0.6%). ) was observed. and Poland (0.4%).