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Euro zone economy grows as expected but third quarter growth looks modest

Tuesday, 15 November 2011
The euro-zone economy continued to grow at a modest pace in the three months to the end of September, driven by pickups in consumer spending in Germany and France.

Euro zone gross domestic product (GDP) rose by 0.2 percent in the third quarter compared to the previous quarter, figures from the statistical agency Eurostat.


The growth rate was in line with market expectations according to market analysts in Sweden.
On an annual basis, it was an increase of 1.4 percent, also in line with the average forecast among analysts according to Swedish media reports.

Compared to the second quarter, it is a marginal slowdown from 1.6 percent in annualized terms.
Other reports hold that many economists expect GDP to decline in the fourth quarter as demand for euro-zone exports weakens and consumers and businesses retrench in the face of a deepening fiscal and banking crisis reports Dow Jones News.
Two of the euro zone's newest members were its fastest-growing, with Slovakia's economy expanding by 0.7%, and Estonia's by 0.8%.

Greece's Gross Domestic Product (GDP) fell by 5.2 percent year on year in the third quarter, figures from the EU statistical agency Eurostat.

In the second quarter the economy contracted by 7.4 percent, while in the first quarter was a decline of 8.3 percent, the report shows.
By Scancomark.se Team

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