Eurozone growth flattens at 0.2% in third quarter: EU

15th November 2011, Comments 0 comments

Eurozone growth stagnated over the third quarter, saved by a return to form for Germany and improved French performance as peripheral nations caught in the debt storm lagged, the EU said on Tuesday.

The flash estimate for economic expansion between July and September, issued by European Union data agency Eurostat, came in at 0.2 percent, the same as the second quarter, but pulled up by rises of 0.5 percent in Germany and 0.4 percent in France.

The eurozone figure was in line with expectations among economists polled by Dow Jones Newswires.

Official data from Germany mainly attributed the pick-up there to increased consumer spending.

Eurostat also revealed, however, that the economy in the Netherlands shrunk by 0.3 percent -- a first quarterly contraction since 2009.

Eurostat gave comparative figures with eurozone rival economies, logging 0.6 percent for the United States -- they use different means of calculation -- and Japan, which rose 1.5 percent.

© 2011 AFP

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