Eurozone economic growth exceeds expectations in Q3

ISTANBUL

The euro area economy expanded by 0.4% quarter-on-quarter in July-September, Eurostat revealed Wednesday.

Third-quarter growth was at 0.9% on a yearly basis, slightly above market expectations of 0.8%, the statistical authority announced.

Economic growth projections for the eurozone also underestimated quarterly growth, which was 0.2%.

On the EU side, the GDP growth rate was 0.3% for the third quarter on a quarterly basis and 0.9% for a yearly basis.

Among member states, Ireland recorded the highest increase with 2% compared to the previous quarter, followed by Lithuania's 1.1% and Spain's 0.8%.

Declines were recorded in Hungary (minus 0.7%), Latvia (minus 0.4%) and Sweden (minus 0.1%).