Among countries for which data is already available, GDP expanded at a softer pace in France (0.5 percent from 0.6 percent in Q2); Spain (0.8 percent from 0.9 percent); Belgium (0.3 percent from 0.5 percent); and Lithuania (0.1 percent from 0.6 percent). Meanwhile, GDP growth was unchanged in Austria (at 0.8 percent), and picked up in Latvia (1.5 percent from 1.4 percent). Germany, the biggest economy in the Euro Area, is expected to release preliminary GDP estimates in two weeks.
Compared with the same quarter of the previous year, the Euro Area economy expanded 2.5 percent, following a 2.3 percent growth in the previous period and beating market consensus of 2.1 percent. It was the strongest pace of expansion since the first quarter of 2011.
Considering the European Union, the GDP growth eased to 0.6 percent quarter-on-quarter (0.7 percent in Q2), but accelerated to 2.5 percent year-on-year (2.4 percent in Q2).