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Euro zone economy continues steady growth in Q3

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BRUSSELS: The euro zone economy continued to grow at a modest pace in the July-September period as expected, data from the EU statistics office showed on Thursday, as Germany narrowly escaped a technical recession and other big economies expanded.


The European Union’s statistics office Eurostat said gross domestic product in the 19 countries sharing the euro increased 0.2 per cent quarter-on-quarter in the third quarter for a 1.2 per cent year-on-year gain.


The quarterly expansion was in line with a Eurostat preliminary flash estimate earlier this month and market expectations, although the previous year-on-year figure was 1.1 per cent.


Germany, the euro zone’s biggest economy, grew 0.1 per cent in the third quarter after a -0.2 per cent contraction in the previous three months, so avoiding a technical recession. France, the second biggest economy grew by 0.3 per cent in the third quarter against the previous three months and the third biggest Italy expanded 0.1 per cent. Spain and the Netherlands, the fourth and fifth biggest economies of the bloc, each grew by 0.4 per cent. — Reuters


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