Stock Groups

Household consumption drives euro zone Q3 GDP growth -Breaking

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: An omnipresent shopper in Nice pays using a bank note in euro on April 3rd 2019. REUTERS/Eric Gaillard/File photo

BRUSSELS (Reuters] – The main driver for eurozone economic growth was household consumption, according to the European Union Statistics Office data on Tuesday. There were also positive contributions from trade.

Eurostat has confirmed that the euro zone’s economy increased 2.2% quarter-onquarter during the July-September time period. That is a 3.9% increase year-onyear as the economy continues to recover from its deep, pandemic-induced recession of 2020.

With net trade adding another 0.3%, household consumption contributed to the quarter’s growth of 2.1 points.

The final result was lowered by 0.1 percentage points due to government spending. Also, despite first payments from EU’s recovery fund, the gross fixed capital formation dropped sharply. This resulted in a 0.2 percent decrease.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]