Source: Preliminary data published by Eurostat on 31 October show that, after seasonal adjustments, the euro area gross domestic product (GDP) ring contracted by 0.1 per cent in the third quarter of this year, and the EU GDP grew by 0.1 per cent.
On 31 October, a man walked through a shop in Brussels, Belgium, with a discount message. Xinhua News Agency, Zhao Ding Yi
On a country-by-country basis, in the third quarter, the largest EU economies, Germany, experienced a contraction of 0.1 per cent of their GDP, France and Spain, which grew by 0.1 per cent and 0.3 per cent, respectively, while Ireland, Austria and Czech GDP contracted by 1.8 per cent, 0.6 per cent and 0.3 per cent, respectively.
The data also show a 0.2 per cent growth in the eurozone ' s round of GDP in the second quarter and zero growth in the EU round of GDP.
On 31 October, a woman walked by a shop in Brussels, Belgium, with a discount message. Xinhua News Agency, Zhao Ding Yi
In addition, after seasonal adjustments, the euro area and EU GDP grew by 0.1 per cent in the third quarter and by 0.5 per cent and 0.4 per cent in the second quarter, respectively.
According to Bert Colleen, Senior Economist for the euro area of the Netherlands International Group, the third-quarter GDP data suggest a possible technological downturn in the eurozone economy in the second half of this year. Continued economic and geopolitical uncertainty and the impact of the hike will put pressure on economic activity in the coming quarters.
On 31 October, customers selected bread in a supermarket in Brussels, Belgium. Xinhua News Agency, Zhao Ding Yi