Eurozone GDP steady at 0.3% in third quarter, as expected

Eurozone economic growth held steady in the third quarter, according to a flash estimate by Eurostat.

Gross domestic product grew 0.3%, unchanged from the second quarter, as expected.

Compared to the same quarter in 2015, seasonally-adjusted GDP was up 1.6%, also steady and as expected.

In the EU-28 group of nations, GDP grew 0.4% on the quarter and 1.8% on the year.

Pantheon Macroeconomics said: “GDP growth in the euro area was stable last quarter, and while this report does not carry any details we are confident that the key story was a rebound in domestic demand, which offset a reversal in net exports.

“Across countries, GDP growth slowed disappointingly in Germany but growth rebounded in France, and also snapped back in Italy. Separate data showed that real GDP in Italy rose 0.3% quarter-on-quarter, from a flat Q2, above the consensus 0.2%. GDP growth in Greece, Austria and Portugal, however, also rebounded strongly last quarter.”

Figures released earlier by Destatis showed German GDP rose 0.2% in the last quarter, missing expectations of 0.3%.