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BRUSSELS (AFP) - Economic growth slowed more than expected in eurozone countries in the third term, to 0.3 percent rather than 0.4 percent in a third revised estimate released by the EU's data office on Friday.

In the second quarter, growth rebounded one percent in the 16 euro countries -- now 17 since Estonia joined on January 1, 2011 -- after a 0.4 percent increase in the three previous months.

Eurostat, however, confirmed its previous third-quarter estimate of 0.5 percent growth across the 27 European Union nations.

Of the EU 27, Sweden saw the strongest growth at 2.1 percent, followed by Luxembourg at 1.5 percent and Poland at 1.3 percent.

In the eurozone's leading economy, Germany, growth slowed to 0.7 percent, a strong contrast to the previous quarter's rebound of 2.3 percent. Growth was 0.3 percent in France -- compared to a previous estimation of 0.4 percent -- after 0.6 percent in the previous quarter.

Growth was 0.3 percent in Italy, better than the previous 0.2-percent estimate, but Spain and the Netherlands saw zero growth. Previous estimates for the Netherlands saw a 0.1-percent fall.

Across the euro area, consumption increased 0.1 percent in the third quarter, Eurostat said, revising downwards its previous estimate of 0.3 percent.

It also revised investment down 0.3 percent against a previous estimate of stable growth.

Exports rose 1.9 percent and imports 1.5 percent (against a previous estimate of 1.7 percent).

Compared to 2009, GDP increased 1.9 percent in the third quarter across the euro area and 2.2 percent in the EU 27, Eurostat said.

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Last Updated (Friday, 07 January 2011 18:48)

 

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