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November 12, 2010    

Euro zone Q3 growth slows

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by Kay Murchie
”Euro

The European Union’s statistics office, Eurostat, has today revealed growth in the 16 countries that use the euro slowed in the third quarter.

According to Eurostat, the euro zone grew 0.4% in the July to September period, compared with 1% in the second quarter.

On an annual basis, growth was recorded at 1.9%.

It follows a similar trend to that of other economies, which have all experienced slower growth in the third quarter, as many Governments introduce tough austerity measures.

Germany, which is the euro zone’s largest economy, saw growth of 0.7% in the July to September period – compared with the record expansion of 2.3% in the April to June quarter – which represented the fastest since German reunification in 1990.

The 0.7% figure was slightly lower than expectations of 0.8%. However, slower growth was expected.

On an annual basis, the German economy grew by a staggering 3.9%.

In the meantime, France, experienced growth of 0.4% in the third quarter – slower than the 0.7% reported in the previous quarter, according to statistics office, INSEE.

Italian economic growth, meanwhile, also slowed in the July to September period. Italy’s statistics office, Istat, said the economy expanded by 0.2% in the third quarter, slowing from the 0.5% growth recorded in the second quarter.

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