Berliner Boersenzeitung - Eurozone economy grows faster than expected

EUR -
AED 3.977584
AFN 72.97331
ALL 98.471483
AMD 418.201653
ANG 1.947741
AOA 987.091608
ARS 1069.655368
AUD 1.646242
AWG 1.949276
AZN 1.840739
BAM 1.957212
BBD 2.182094
BDT 129.143152
BGN 1.954485
BHD 0.40824
BIF 3141.094707
BMD 1.082931
BND 1.432446
BOB 7.467386
BRL 6.240496
BSD 1.080689
BTN 90.843526
BWP 14.506732
BYN 3.536751
BYR 21225.450121
BZD 2.178391
CAD 1.507916
CDF 3151.329687
CHF 0.939378
CLF 0.037622
CLP 1038.09406
CNY 7.713394
CNH 7.709706
COP 4723.756412
CRC 554.797619
CUC 1.082931
CUP 28.697675
CVE 110.344593
CZK 25.387145
DJF 192.450594
DKK 7.461363
DOP 65.08785
DZD 144.589697
EGP 52.781738
ERN 16.243967
ETB 129.142344
FJD 2.469735
FKP 0.828625
GBP 0.834929
GEL 2.956749
GGP 0.828625
GHS 17.561667
GIP 0.828625
GMD 75.267848
GNF 9320.809259
GTQ 8.354026
GYD 226.10309
HKD 8.415793
HNL 27.261916
HRK 7.460345
HTG 142.424047
HUF 408.167823
IDR 16955.398534
ILS 4.018379
IMP 0.828625
INR 91.064166
IQD 1415.734256
IRR 45596.815328
ISK 148.535001
JEP 0.828625
JMD 170.972535
JOD 0.768122
JPY 165.738814
KES 139.697818
KGS 92.912751
KHR 4393.209432
KMF 493.221338
KPW 974.637772
KRW 1493.568127
KWD 0.331994
KYD 0.900658
KZT 529.777025
LAK 23692.089332
LBP 96831.145235
LKR 317.368921
LRD 207.503507
LSL 19.141684
LTL 3.197614
LVL 0.655054
LYD 5.216811
MAD 10.66149
MDL 19.371884
MGA 4995.695706
MKD 61.647512
MMK 3517.318063
MNT 3679.800005
MOP 8.648238
MRU 42.730822
MUR 49.934159
MVR 16.633359
MWK 1873.986334
MXN 21.805874
MYR 4.742197
MZN 69.210057
NAD 19.141684
NGN 1777.707392
NIO 39.769053
NOK 11.869548
NPR 145.351185
NZD 1.809573
OMR 0.416925
PAB 1.08068
PEN 4.067772
PGK 4.328162
PHP 63.051476
PKR 300.167099
PLN 4.342051
PYG 8603.285077
QAR 3.940242
RON 4.975657
RSD 117.071326
RUB 105.070444
RWF 1469.753361
SAR 4.06699
SBD 9.024652
SCR 14.734655
SDG 651.385063
SEK 11.556667
SGD 1.433535
SHP 0.828625
SLE 24.586475
SLL 22708.520838
SOS 617.64266
SRD 37.174834
STD 22414.487933
SVC 9.455908
SYP 2720.897239
SZL 19.146899
THB 36.570267
TJS 11.509502
TMT 3.790259
TND 3.347515
TOP 2.536337
TRY 37.11639
TTD 7.324283
TWD 34.63582
TZS 2945.573002
UAH 44.699568
UGX 3960.857004
USD 1.082931
UYU 44.972439
UZS 13816.96631
VEF 3922974.904603
VES 45.748164
VND 27392.742898
VUV 128.567792
WST 3.033489
XAF 656.427457
XAG 0.032104
XAU 0.000398
XCD 2.926675
XDR 0.812301
XOF 656.436556
XPF 119.331742
YER 271.08476
ZAR 19.111081
ZMK 9747.674879
ZMW 28.774021
ZWL 348.703382
  • RIO

    0.4000

    66.58

    +0.6%

  • CMSC

    -0.1600

    24.57

    -0.65%

  • SCS

    -0.3800

    12.21

    -3.11%

  • NGG

    -0.8800

    65.12

    -1.35%

  • BCC

    -6.9800

    131.64

    -5.3%

  • CMSD

    -0.0400

    24.84

    -0.16%

  • JRI

    -0.0900

    12.98

    -0.69%

  • RBGPF

    62.3500

    62.35

    +100%

  • BTI

    -0.4500

    34.46

    -1.31%

  • BCE

    -0.2300

    32.46

    -0.71%

  • GSK

    0.2900

    38.17

    +0.76%

  • AZN

    -0.7900

    75.22

    -1.05%

  • RYCEF

    0.0400

    7.25

    +0.55%

  • RELX

    -0.2500

    47.91

    -0.52%

  • BP

    -1.6900

    29.36

    -5.76%

  • VOD

    -0.2600

    9.28

    -2.8%

Eurozone economy grows faster than expected
Eurozone economy grows faster than expected / Photo: JORGE GUERRERO - AFP/File

Eurozone economy grows faster than expected

The eurozone economy grew more than expected in the third quarter, official data showed Wednesday, thanks to Germany which defied expectations and dodged a recession.

Text size:

The EU's official data agency said the eurozone recorded growth of 0.4 percent over the July-September period from the previous quarter.

The figure was higher than the 0.2 percent predicted by analysts surveyed by Bloomberg who had feared Germany would weigh down the eurozone.

But the German economy expanded 0.2 percent quarter-on-quarter, narrowly avoiding a technical recession defined as two consecutive quarters of contraction.

The figures will offer some relief, coming a month after Eurostat revised its data to show the eurozone grew by only 0.2 percent in the second quarter of this year.

But analysts expect slower growth in the final three months of 2024.

With inflation in the single currency area now below the European Central Bank's two-percent target, policymakers are turning their attention to growth.

The ECB has accelerated its interest rate cuts as economists warned the eurozone could post weaker growth than expected next year.

"We forecast eurozone GDP to grow by just 0.7 percent in 2025 compared to a consensus forecast of 1.3 percent," said Franziska Palmas, senior Europe economist at Capital Economics research group.

Europe's output has been consistently underperforming compared with the economies of the United States and China which have expanded faster.

The United States is set to report another quarter of solid growth later on Wednesday.

- Olympics boost -

The picture across the eurozone was mixed.

Spain, the eurozone's fourth-largest economy, posted one of the area's largest growth figures in the third quarter, expanding by 0.8 percent thanks to rising exports and domestic consumption as well as a tourism boom.

Meanwhile, French output had a welcome boost from hosting this year's Olympic Games, with gross domestic product rising 0.4 percent in the third quarter.

But Italy stagnated in the third quarter, Eurostat data showed.

Overall, the 27-country European Union recorded growth of 0.3 percent in the third quarter from the previous three months, according to Eurostat.

All eyes will now be on eurozone inflation data for October to be published on Thursday, with expectations of a slight increase.

Any rise in the rate of consumer price increases will be unlikely to stop the ECB cutting rates again in December, analysts said, since inflation is still falling faster than the bank had projected.

"With surveys pointing to growth slowing and inflation well below the ECB's forecasts for Q4, we do not think this will prevent the ECB from cutting the policy rate by 50bp (basis points) in December," said Palmas of Capital Economics.

(K.Müller--BBZ)