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Eurozone GDP grows at fastest rate since 2011 in Q3

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Eurozone GDP grows at fastest rate since 2011 in Q3

The eurozone economy grew at an annual rate of 2.6% in the third quarter, its fastest rate of expansion since 2011 and up from both a provisional estimate of 2.5% and from 2.4% growth registered in the second quarter, data from Eurostat showed.

In quarterly terms, gross domestic product grew by 0.6%, in line with a preliminary estimate but down from 0.7% growth from April to June. Household final consumption expenditure rose by 0.3% and contributed 0.2 percentage point to overall growth. Gross fixed capital formation advanced by 1.1%, from a 2.2% gain in the previous quarter.

The latest data underlines the continuing economic recovery of the eurozone, as the European Central Bank tries to ease the currency area off its extraordinarily easy monetary policy. In November, the European Commission boosted its 2017 growth forecast to 2.2%, which would be the fastest pace of expansion in a decade.

The euro fell 0.1% to $1.1787 by 12.05 pm in London, after separate data showed German industrial production fell 1.4% in October.

Exports increased by 1.2% after a 1.0% rise in the previous quarter. Imports rose by 1.1% from 1.7% growth in the second quarter.

The November business survey conducted by IHS Markit suggests the eurozone economy is on track to grow by 0.8% in the fourth quarter.