Eurozone GDP grows by 12.6 per cent in Q3

BRUSSELS: The eurozone economy grew by 12.6 per cent in the third quarter after a dramatic slump in the three months prior, an official flash estimate shows.
This is a slight downward revision to the 12.7 per cent the European Union’s statistical office Eurostat had indicated in a preliminary flash estimate last month. Seasonally adjusted gross domestic product (GDP) across the entire EU, meanwhile, is estimated to have grown by 11.6 per cent, the Luxembourg-based office said.
Eurostat previously estimated this number to be 12.1 per cent. “These were by far the sharpest increases observed” since it began releasing its statistics in 1995, Eurostat said.
Although this presents a rebound from dramatic plunges in GDP in the second quarter of the year — a drop of
11.8 per cent in the euro area and 11.4 per cent in the EU — the economies are likely to contract again in response to renewed lockdown measures, experts have warned.
The harshest of the lockdown measures were lifted in the third quarter — between July and September — when restaurants, shops and hotels reopened in even the most virus-stricken member states.
But in recent weeks, several European leaders have announced a return to some of these lockdown measures as virus cases rise again.
The new statistics predate any impact that new lockdown measures might have. — DPA