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Germany at heart of modest Q3 growth in the eurozone

LONDON – Official figures have confirmed that the eurozone economy, which is made up of the 19 countries that use the euro, expanded by a quarterly rate of 0.3 per cent in the third quarter of the year.

A country-by-country breakdown from Eurostat, the European Union’s statistics agency, shows that the modest pace of growth was largely due to a slowdown in Germany, the single currency bloc’s biggest economy. Growth in Germany halved to 0.2 per cent during the period.

Growth was also 0.2 per cent in France, the eurozone’s second-biggest economy. That, however, represented a modest improvement from the second-quarter’s 0.1 per cent decline.

Highlights in the figures Tuesday were Greece and Spain, two countries with sky-high unemployment rates. Greece’s economy expanded by 0.5 per cent while Spain’s grew 0.7 per cent.