Eurozone GDP grows faster than expected in third quarter

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Eurozone GDP grows faster than expected in third quarter

BRUSSELS BREXIT - GDP grew by slightly more than anticipated, according to Eurostat data from the European statistics agency Eurostat on Wednesday, with household spending and business investment propping up the economy.

Eurostat said in the third quarter the GDP growth was 0.3% in the 19- country euro area in July-September and 2.3% year-on-year, above its flash estimates of 0.2% and 2.1% in mid-November.

Household spending added 0.4 percentage points to euro zone growth and gross fixed capital formation 0.8 points. Trade had a net negative of 1.1 percentage points, while the contribution from government expenditure was negligible.

In Ireland, the strongest growth was at 2.3%, with Malta and Cyprus expanding at 1.3%. The steepest declines were in Slovenia, Latvia and Estonia.

Employment levels in the euro zone also increased by 0.3% quarter-on-quarter, the same pace as in the second quarter of 2022, the same as in the second quarter of 2022.