The euro area economy grew by 0.3 percent over the third quarter, as reported by European statistical office Eurostat based on preliminary figures. Growth across the whole European Union was slightly higher at 0.4 percent. In the Netherlands, growth was below average with 0.1 percent.
Most EU countries saw their GDP rise. Both France and Germany, the two largest economies in the euro area, recorded 0.3 percent growth. France’s economic growth had come to a halt in the previous quarter. Belgium recorded 0.2 percent growth between July and September.
Greatest decreases and increases
Poland and Slovakia saw GDP growth off 0.9 percent in the third quarter, while Romania even achieved 1.4 percent growth. Spain’s economy recorded strong growth, as in the previous quarters, this time by 0.8 percent. Negative exceptions within the EU were Finland (-0.6 percent), Estonia (-0.5 percent) and Greece (-0.5 percent). The Greek economy had grown by 0.4 percent In the previous quarter. Portugal’s economy was neither growing nor contracting during the third quarter.
Although the Netherlands performed below average in the third quarter, the economy has grown beyond pre-crisis levels. Growth was 0.1 percent as well in the second quarter, down from 0.6 percent in the first quarter.
Year-on-year growth of the euro area economy stood at 1.6 percent. The Netherlands is slightly ahead of the average with an increase of 1.9 percent. Germany’s year-on-year growth reached 1.7 percent while France recorded 1.2 percent. Year-on-year growth across the whole European Union amounted to 1.9 percent.