Eurozone growth lagging behind

Growth in Europe almost came to a halt in the 3Q11 with a weak 0.2 percent increase, the same pace as in 2Q11, according to data released by Eurostat late on Tuesday.

GDP growth was driven by Germany, Europe’s largest economy, which rose 0.5 percent in the third quarter due to stronger company and consumer spending, the Federal Statistics office said late on Tuesday. Year-on-year the country’s GDP increased by 2.5 percent.

Europe’s second biggest economy, France, expanded 0.4 percent during the same quarter.

Both Spain and Belgium came to a standstill while Portugal and the Netherlands contracted by 0.4 and 0.3 percent respectively.

Overall the 27-nation eurozone grew 0.6 percent at an annualised rate in the 3Q11, Eurostat said. Approximations for Italy, Greece and Ireland are still to follow.


  • Total Score 0%
User rating: 0.00% ( 0
votes )

Leave a Reply

Your email address will not be published. Required fields are marked *