Euro zone annual growth backs ECB's tapering move

Mae Love
November 14, 2017

The US quarterly numbers were slightly better than the euro zones at 0.7 per cent, however.

"Because of that, this could well be its strongest year for growth since 2007".

French GDP growth on the other hand ticked lower, from 0.6% in the second quarter to 0.5% for the third, although in year-on-year terms the expansion quickened from 1.8% to 2.2%.

Euro zone GDP grew 3 per cent in 2007, and reached 2.1 per cent in 2010 and 2015.

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009.

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During the third quarter of 2017, GDP in the United States increased by 0.7% compared with the previous quarter (after +0.8% in the second quarter of 2017).

Meanwhile, in Spain GDP growth was unchanged at 3.1% on the year - despite the political upheavals in Catalonia - and Portugal it slowed from 3.0% to 2.5%.

The euro zone growth rate also exceeded that of Britain, which will leave the European Union in March 2019.

Meanwhile, in terms of quarter-on-quarter rate of change GDP expanded at a 0.6% clip, as expected by economists. "New orders for manufacturing surged in August and businesses are reporting large backlogs of work according to the PMI survey".

The figures support the European Central Bank's move to begin reducing its bond-buying programme. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.

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