Eurozone Economy is Still Growing, But at a Slower Pace

The economy in the eurozone continued to grow in the third quarter, reports the European statistical office Eurostat.

However, growth is less strong than in the second quarter, when the economy was still progressing strongly due to the reopening of the economy after the corona restrictions. Meanwhile, high inflation and interest rate hikes to limit this depreciation also affect economic growth.

The eurozone economy was 2.1 percent larger in the third quarter than a year earlier. Across the European Union, the economy had grown 2.4 percent. However, in both areas, growth compared to the second quarter was 0.2 percent.

Portugal had the strongest annual growth at 4.9 percent of the countries that already provided data. The economy in Latvia has already contracted. Major economies such as Germany, France and Italy have previously reported growth in the gross domestic product (GDP).

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