Euro zone quarterly growth reaches record level
Wednesday, 12 09 2020, Category: Economy, Country: Europe
The euro zone economy posted its highest ever quarterly rise in the summer, rebounding from a record contraction caused by the COVID-19 pandemic as consumer spending and exports increased sharply, the EU statistics agency said on Tuesday.
Eurostat said gross domestic product in the 19-country bloc increased by 12.5% in the July-September period from the second quarter, the largest rise since the agency began collecting data in 1995.
This was a slight downward revision from the 12.6% estimate from November. Year-on-year, this amounted to a contraction of 4.3%, slightly above the previous estimate of a 4.4% drop.