The estimate of eurozone GDP growth in the third quarter was unexpectedly raised to 0.3%

According to the final data of the Statistical Office of the European Union Eurostat, the economy of all 19 eurozone countries in the third quarter of 2022 unexpectedly increased by 0.3% compared to the previous quarter. Earlier it was reported that GDP grew by 0.2%, and analysts did not expect a revision of the estimate.

The estimate of eurozone GDP growth in annual terms in July-September was improved to 2.3% (from 2.1%).

The data for the second quarter of the year were also revised: the annual growth estimate was lowered from 4.3% to 4.2%. Economic growth compared to the first quarter was 0.8%.

Consumer spending in the eurozone in the period from July to September increased by 0.9% compared to the previous quarter, government spending increased by 0.1%. Gross capital investments in fixed assets increased by 3.6%, exports – by 1.7%, imports – by 4.3%.

The economy of the countries of the entire European Union in the third quarter grew by 0.4% compared to the previous three months and by 2.5% in annual terms.

The GDP of Germany, the largest economy in the European Union, increased by 0.4% on a quarterly basis and by 1.3% on an annual basis in the past quarter. The French economy grew by 0.2% and 1%, the Italian economy – by 0.2% and 3.8%, respectively.