Eurozone GDP grows 0.3% in Q3

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The eurozone economy expanded by 0.3 per cent in the third quarter of this year compared with the previous quarter, according to the latest estimates by Eurostat.

However, GDP growth for the wider European economy was higher at 0.4 per cent for the same period.

Compared with the same quarter of the previous year, eurozone GDP rose by 1.6 per cent and by 1.9 per cent in the 28-member economy.

Rising inventories and higher household spending were the main drivers behind eurozone economic growth in the third quarter, despite negative trading.

During the third quarter of 2015, household consumption expenditure rose by 0.4 per cent in the euro area, says Eurostat, and by 0.5 per cent in the wider Europe region, compared to 0.3 per cent and 0.4 per cent respectively in the previous quarter.

Inventories also rose 0.2 per cent for the same period in the eurozone, compared to a 0.2 per cent fall in the second quarter.

In the eurozone, exports declined from 1.6 per cent last quarter to 0.2 per cent in the third quarter this year, while imports increased by 0.9 per cent in the euro area and by 1.4 per cent in the 28 member states compared with 0.9 per cent and 0.3 per cent respectively in the second quarter of this year.