Monday 20 November 2017

Eurozone economic growth rate slows

The recovery in the eurozone is slowing, official figures show.
The recovery in the eurozone is slowing, official figures show.

Recovery from recession in the 17-country eurozone continued in the third-quarter of the year - but only just.

The region posted economic growth of 0.1% during the July to September period compared with the previous three-month period, Eurostat, the EU's statistics agency, says. That was in line with market expectations but below the previous quarter's 0.3% growth.

The eurozone emerged from its longest-ever recession in the second-quarter, but the Eurostat figures dash hopes that the recovery might accelerate.

The weak economic backdrop is one reason why the European Central Bank cut its main interest rate last week to a record-low 0.25%.

Thursday's figures show the recovery has run out of steam in the core economies such as Germany and France.

AP

Press Association

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