Year-on-year, the seasonally adjusted GDP in the third quarter increased by 0.1 per cent for both the eurozone and the EU. This is a dip compared to the previous quarter, when the eurozone saw an increase of 0.5 per cent and the EU reported growth of 0.4 per cent.
Among the EU member states, Latvia led the way with a 0.6 per cent growth compared to the previous quarter. Belgium and Spain followed with increases of 0.5 per cent and 0.3 per cent, respectively. On the other end of the spectrum, Ireland recorded the steepest decline, contracting by 1.8 per cent, followed by Austria with a 0.6 per cent drop and Czechia with a 0.3 per cent decline, as per Eurostat.
When compared to the same quarter in the previous year, only five countries reported positive growth rates. Portugal led the pack with a 1.9 per cent increase, closely followed by Spain at 1.8 per cent and Belgium at 1.5 per cent. In contrast, Ireland faced the largest contraction at 4.7 per cent, with Estonia declining by 2.5 per cent, and both Austria and Sweden reporting a 1.2 per cent contraction.
ALCHEMPro News Desk (DP)
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