Euro area's GDP tops estimates, rises 0.3% in Q3
Eurozone's gross domestic product (GDP) expanded by 0.3% in the third quarter of the fiscal year, when compared to the previous trimester, a final report released by the European Commission's Eurostat revealed on Wednesday. The reading rose slightly above flash projections which headed for 0.2% economic growth. In the European Union, the figure improved by 0.4%.
Year over year, the figure was 2.3% and 2.5% higher in the euro area and in the EU respectively. In comparison to the previous quarter, the Member States that recorded the biggest growth were Ireland with 2.3%, followed by Cyprus, Romania, and Malta all coming at 1.3%. By contrast, those recording the biggest drops were Estonia at 1.8% and Latvia at 1.7%.
The employment rate in the third quarter of 2022 grew by 0.3% in the euro area, and 0.2% in the bloc compared to the previous three-month period. On an annual basis, the figure rose 1.8% and 1.5%, concurrently.