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A preliminary estimate by the European Union's
statistics office Eurostat showed that the economy of the 18
countries sharing the euro expanded 0.2 percent
quarter-on-quarter in the July-September period after a 0.1
percent rise in the previous three months.
Year-on-year, euro zone growth was 0.8 percent in the third
quarter, the same as in the second quarter, against market
expectations of a 0.7 percent rise.
Eurostat data showed Europe's biggest economy Germany grew 0.1
percent, in line with expectations but confounding some
economies who had feared a second quarter of negative growth.
The euro zone's second biggest France grew 0.3 percent against
market expectations of a 0.2 percent gain.
"The euro zone economy is still growing, albeit at snail’s pace,
despite all the doom mongering by the IMF and others," said Nick
Kounis, the head of macro and financial markets research at ABN
AMRO.
"A slow recovery rather than a third recession looks to be on
the cards. Having said that, this is not an outlook that
policymakers could possibly be satisfied with," he said.
(Reporting By Jan Strupczewski; editing by Philip Blenkinsop/Jeremy
Gaunt)
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