EU ON THE BRINK: Eurozone economy growth just 0.3% in Q3 as foreign trade hits the bloc

Tuesday, December 6, 2016
By Paul Martin

EUROPE’S economy grew by just 0.3 per cent in the third quarter of the year, as foreign trade turned against the bloc, it was confirmed today.

Tue, Dec 6, 2016

Increased imports cut into the growth, while investment and exports failed to lift expansion, according to figures from the European Union’s statistics office Eurostat.

It means the eurozone was growing at the same rate in the three months to October, as measured in the second quarter. By comparison, Britain’s economy clocked up growth of 0.5 per cent in the third quarter and 0.7 per cent in the second quarter.

The UK is on track to grow by 0.5 per cent again in the final quarter, suggest economic indicators.

It shows the Brexit vote has failed to hit Britain’s economy, and arguably had a deeper impact on Europe.

The bloc’s two largest economies France and Germany grew by just 0.2 per cent over the quarter.

Slovenia was the best performing economy with growth of one per cent, while Greece and Portugal followed with expansion at 0.8 per cent.

It comes as the European Central Bank (ECB) decides whether to take fresh action aimed at boosting eurozone growth.

The central bank has already slashed interest rates below zero and embarked on a programme to inject around a trillion euros into the economy.Policymakers could announce yet more cash will be pumped into the system when they meet later this week.

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