UNITED STATES (OBSERVATORY NEWS) — Economic growth in the eurozone, as expected, slowed down at the end of 2019 amid falling GDP in France and Italy and stagnation in Germany.
The GDP of 19 countries in the currency block in October-December increased by 0.1% compared with the previous quarter, according to revised data from the Statistical Office of the European Union (Eurostat). The value of the indicator coincided with a preliminary estimate.
In July-September, growth was recorded at 0.3% in quarterly terms.
In annual terms, Eurozone GDP growth slowed from 1.2% to 0.9%. Previously reported annual GDP growth of 1%.
The economy of 28 EU countries in the IV quarter grew by 0.1% compared with the previous quarter and by 1.1% in annual terms. In July-September, growth was 0.3% and 1.4%, respectively.
At the end of 2019, the eurozone’s GDP as a whole grew by 1.2%. The economy of 27 EU countries (excluding the UK) last year increased by 1.4%.
The German economy, the largest in the eurozone, in October-December showed zero growth in quarterly terms after rising 0.2% in July-September. In annual terms, growth slowed from 0.6% to 0.5%.
French GDP fell by 0.1% in quarterly terms after an increase of 0.3% in the III quarter. The annualized growth rate decreased from 1.4% to 0.8%.
Italy’s GDP showed a decline of 0.3% in quarterly terms. At the same time, annual GDP growth in the last quarter of 2019 was zero.
Meanwhile, Spain’s GDP growth in quarterly terms accelerated from 0.4% to 0.5%. In annual terms, the economy grew by 1.8% after rising by 1.9% in the III quarter.
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