Euro-Area GDP Expands at Slowest Pace in 4 Years

European
  • Euro-Area GDP Expands at Slowest Pace in 4 Years

The Euro area economy grew at the slowest pace in four years in the third quarter, Eurostat data has shown.

The economy grew by 0.2 percent during the July-September period, another indication of slowing growth in the region.

Eurostat also revealed that the yearly GDP growth was 1.7 percent, the lowest since the fourth quarter of 2014.

The total number of people employed climbed just 0.2 percent on a quarterly basis and on yearly basis did 1.3 percent, lower than the 0.4 and 1.5 percent respectively in the second quarter.

Data also showed industrial production dropped in the region in September, declining by 0.3 percent in the month and 0.9 percent year-on-year.

The Euro rebounded slightly on Tuesday and sustained it on Wednesday following a report that the European Union and the United Kingdom has reached an accord on the Irish border.

The news was interpreted by the markets as an eventual breakthrough for Brexit.

The Euro pared part of its weekly losses against the US dollar to trade above 1.1265 support.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

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