The European Union’s statistics office said that the euro zone economy recorded the highest quarterly growth rate in the summer, recovering from a record contraction due to the Covid-19 pandemic, amid a significant increase in consumer spending and exports.<\/p>\n\n\n\n
Eurostat said gross domestic product (GDP) in the 19-nation bloc increased 12.5% \u200b\u200bin the July-September period compared to the second quarter, the largest increase since data collection began in 1995.<\/p>\n\n\n\n
That represented a slight downward revision of estimates in November of 12.6% growth. On an annual basis, the number represents a contraction of 4.3%, slightly up from previous estimates of a decline of 4.4%.<\/p>\n\n\n\n
Eurostat data showed that the summer hike was due to domestic consumption and exports, with stores and factories reopening following the general isolation measures.<\/p>\n\n\n\n
Consumer spending increased by 14% in the third quarter compared to the second quarter, when it decreased by 12.4%. Exports rose 17.1%, after a drop of 18.9% in the April-June period.<\/p>\n\n\n\n
Eurostat reported that household spending contributed 7.3 percentage points to the growth of the euro area and exports by 7.6 points. Government spending contributed 1.1 points.<\/p>\n","protected":false},"excerpt":{"rendered":"
The European Union’s statistics office said that the euro zone economy recorded the highest quarterly growth rate in the summer, recovering from a record contraction due to the Covid-19 pandemic, amid a significant increase in consumer spending and exports. Eurostat said gross domestic product (GDP) in the 19-nation bloc increased 12.5% \u200b\u200bin the July-September period …<\/p>\n","protected":false},"author":9,"featured_media":31655,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[6837],"class_list":["post-38293","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-eurozone"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=38293"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38293\/revisions"}],"predecessor-version":[{"id":38294,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/38293\/revisions\/38294"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31655"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=38293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=38293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=38293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}