Eurozone GDP grows by 0.2% in third quarter

2011-11-15 16:23:59

Both eurozone and European Union GDP grew by 0.2 percent in third quarter compared to the second quarter, according to a report released by Eurostat, the statistical office of the EU.

The data may soothe sentiments amid a serious debt crisis within the eurozone. Compared with the same period last year, seasonally adjusted GDP increased by 1.4 percent in both zones in Q3 this year.

Among member states of the EU, Romania saw the highest GDP growth rate, up 1.9 percent on a quarterly base, while Lithuania saw highest annual growth of 7.2 percent.

The two major engines of the EU, Germany and France, both showed signs of economic recovery. Germany's GDP growth in Q3 was 0.5 percent, compared to growth in Q2 of 0.3 percent. France saw its GDP grow from -0.1 percent in Q2 to 0.4 percent in Q3.

Data for Greece, Italy and Ireland was not available, while Portugal recorded -0.4 percent growth, and Spain's rate was 0 percent.