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News : EU Economy Last Updated: Jan 25, 2015 - 8:15 AM

GDP up by 0.2% in Eurozone in Q3 2014 and up by 0.3% in EU28
By Michael Hennigan, Finfacts founder and editor
Nov 14, 2014 - 10:15 AM

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GDP gross national product) rose by 0.2% in the Eurozone (EA18) and by 0.3% in the EU28 during the third quarter of 2014, compared with the previous quarter, according to estimates published Friday by Eurostat, the statistics office of the European Union. In the second quarter of 2014, GDP grew by 0.1% in the Eurozone and by 0.2% in the EU28.

France had the best performance of the 3 economies which account for about two-thirds of Eurozone output.

We reported earlier that German GDP grew by only 0.1% in Q3 2014 while France managed to grew 0.3% in the third after a decline in the previous quarter, according to data published in Wiesbaden and Paris this morning.

GDP fell 0.1% in Italy from the previous three months, when it dropped 0.2%, Istat, the national statistics institute, said in a preliminary report in Rome today. Output was down by 0.4% from a year earlier.

GDP in the region’s third-biggest economy has fallen in all but two of the last 13 quarters as the jobless rate rose to the highest on record.

The UK grew by 0.7% and the top growth economies were Romania at 1.9% and Poland at 0.9%.

Ireland will publish third quarter data next month.

Greece grew by 0.7% in the quarter and 1.4% year-on-year while besides Italy the Cypriot economy was the only other one of the reporting countries in the EU28 to contract. It shrunk by 0.4%.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 0.8% in the Eurozone and by 1.3% in the EU28 in the third quarter of 2014, after +0.8% and +1.3% respectively in the previous quarter.

During the third quarter of 2014, GDP in the United States increased by 0.9% compared with the previous quarter (after +1.1% in the second quarter of 2014). Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.6% in the previous quarter).

The Eurozone (EA18) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

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