On a hot afternoon in Madrid, Spain, people walk along the iconic Alcalá Street.
Miguel Pereira | Getty Images News | Getty Images
Preliminary data released by the European Union’s statistical agency on Wednesday showed that the euro zone’s economy grew by 0.4% in the third quarter.
Economists polled by Reuters had expected growth of 0.2%. Follow the group’s 0.3% expansion in season two.
Spain was one of the countries with the highest growth rates, up 0.8% from the previous quarter, while Ireland generally recorded growth rates fluctuating numbers Growth of 2% was due to the higher proportion of international companies based there.
Germany, the euro zone’s largest economy, unexpectedly grew 0.2% in the third quarter. That has allowed Europe’s largest economy to avoid the recession predicted by some economists as it grapples with a downturn in its key manufacturing sector.
“Despite avoiding a technical recession, the German economy is still only slightly larger than when the pandemic hit,” analysts at ING said in a report on Wednesday, calling the country a “magnet for negative macro news.”
analyst Talking about the Eurozone Amid lower interest rates and cooling inflation, business activity and consumer confidence should pick up cautiously in the coming months.
European Central Bank Interest rate cut for third time this year At the October meeting, headline inflation reached According to the final reading, it was 1.7% in September. European Central Bank Quote Signs of continued weakness in euro zone economic activity were a key factor in the central bank’s decision to cut interest rates in October.
The market has fully priced in another 25 basis point interest rate cut by the European Central Bank at its last meeting of the year in December.
This is a breaking news story and will be updated soon.
