Euro area GDP picks up slightly in third quarter

Euro area GDP picks up slightly in third quarter

Germany was a major factor, but even some of the bloc's laggards, such as Italy, showed signs of revival. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations.

"Because of that, this could well be its strongest year for growth since 2007".

Gross domestic product in the single currency bloc expanded at a 2.5% pace year-on-year, versus 2.3% over the prior three months, according to Eurostat.

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009.

In the second quarter of 2017, GDP grew by 0.7% in both zones.

The US economy grew 0.7% quarter-on-quarter and 2.3% year-on-year in the third quarter.

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Seasonally adjusted German GDP rose 0.8 per cent on the quarter, beating a consensus forecast of 0.6 per cent, which was also the second-quarter growth rate.

Meanwhile, in Spain GDP growth was unchanged at 3.1% on the year - despite the political upheavals in Catalonia - and Portugal it slowed from 3.0% to 2.5%.

The euro-zone had already published an initial estimate of its growth rate for Q3, but this did not include the largest economy, Germany.

Separately, Eurostat said euro zone industrial production fell by 0.6% month-on-month in September as expected by markets.

The figures support the European Central Bank's move to begin reducing its bond-buying programme.