Eurozone Q3 GDP Growth Confirmed at 0.6%


The Eurozone economy expanded 0.6 percent on quarter in the three months to September of 2017, in line with the second estimate and following a 0.7 percent advance in the previous period. Growth was mainly boosted by household consumption, fixed investment and exports. Among Eurozone's largest economies, GDP growth eased slightly in France and Spain; and picked up in Germany and Italy.

From the expenditure side, the positive contribution to GDP came mainly from household final consumption expenditure (0.2 percentage points), gross fixed capital formation (0.2 percentage points) and changes in inventories (0.1 percentage points). Also, the contribution of the external balance to GDP growth was slightly positive while that of government spending was neutral.

Household consumption went up 0.3 percent (0.5 percent in Q2), gross fixed capital formation jumped by 1.1 percent (2.2 percent in Q2) and government spending advanced by 0.2 percent (0.3 percent in Q2). In addition, exports rose 1.2 percent (1 percent in Q2) and imports went up at a slower 1.1 percent (1.7 percent in Q2).

From the production side, industry grew by 1.3 percent (1 percent in Q2), boosted by manufacturing (1.5 percent from 0.9 percent in Q2). Also, construction advanced by 0.4 percent (0.7 percent in Q2). Among services, output rose for: trade, transport, accommodation and food service activities (0.6 percent from 0.7 percent in Q2); information and communication (0.8 percent from 1 percent in Q2); financial and insurance activities (0.1 percent from 0.5 percent in Q2); real estate activities (0.5 percent from 0.2 percent in Q2); professional and support service activities (0.7 percent from 0.9 percent in Q2); administration and other public services (0.4 percent from 0.5 percent in Q2); and arts, entertainment and other services (0.6 percent from 0.5 percent in Q2). By contrast, agriculture, forestry and fishing continued to contract (-0.2 percent from -0.5 percent in Q2).

Among countries for which data is already available, GDP expanded at a slower pace in France (0.5 percent from 0.6 percent in Q2), Spain (0.8 percent from 0.9 percent), the Netherlands (0.4 percent from 1.5 percent), Finland (0.4 percent from 0.8 percent), Belgium (0.3 percent from 0.5 percent), Greece (0.3 percent from 0.8 percent), Cyprus (0.9 percent from 1 percent), Malta (1.9 percent from 2.1 percent), Estonia (0.3 percent from 1.3 percent), Lithuania (0.1 percent from 0.6 percent), Slovakia (0.8 percent from 0.9 percent), and Slovenia (1 percent from 1.2 percent). Meanwhile, GDP growth was unchanged in Austria (at 0.8 percent) and picked up in Germany (0.8 percent from 0.6 percent), Italy (0.4 percent from 0.3 percent), Latvia (1.5 percent from 1.4 percent) and Portugal (0.5 percent from 0.3 percent).

Year-on-year, the economy grew 2.6 percent, better than the second estimate of 2.5 percent and following an upwardly revised 2.4 percent expansion in the previous three-month period. It was the strongest growth rate since the first quarter of 2011.


Eurozone Q3 GDP Growth Confirmed at 0.6%


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
12/7/2017 10:35:18 AM