GDP growth in the Eurozone slowed in the fourth quarter

Moscow, 31 Jan – “News.Economy.” Economic growth in the Eurozone slowed at the end of 2019 by a decline in GDP of France and Italy.

Photo: EPA/ARMANDO BABANI

GDP of 19 countries in the currency bloc in October-December increased by 0.1% compared with the previous quarter, according to preliminary figures from the Statistical office of the European Union (Eurostat).

In July-September increased by 0.3% QoQ.

on a yearly basis, Eurozone GDP growth slowed from 1.2% to 1%.

the Economy of the 28 EU countries in IV quarter grew by 0.1% compared with the previous quarter and by 1.1% in annual terms. In July-September the growth was 0.3% and 1.4%, respectively.

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Unemployment in the Euro zone fell to the lowest level since 2008 godec launches its first since 2003, a review of its strategiyada inflation in the Eurozone accelerated in dekabre 2019 overall GDP in the Eurozone increased by 1.2%. The EU economy for the year increased by 1.4%.

Economy of France and Italy unexpectedly declined in late 2019.

French GDP fell 0.1% amid falling exports. The company used the reserves instead of increasing production, which also contributed to the growth.

Italy’s GDP declined 0.3%, the biggest decline in nearly seven years.

meanwhile, Spain has shown more positive results. Faster-than-expected GDP growth of 0.5% was due to brisk exports and a significant increase in the service sector.

As reported “Vesti.Economy”, in the January meeting the European Central Bank kept interest rates on loans are at zero, interest rate on deposits – at minus 0.5% per annum, the rate on margin loans – at the level of 0.25% per annum.

the head of the ECB Christine Lagarde said at a press conference following the meeting thatstepping data matches the baseline scenario of continued, but moderate growth of the Eurozone economy.

Weakness in the manufacturing sector remains a drag on growth in the Eurozone. At the same time, the ongoing, albeit decelerating, employment growth and higher real wages continue to support the sustainability of the Eurozone economy, said Lagarde. Text: News.Economy