GDP Increases in Euro Area and Across European Union

GDP in the euro area and the European Union has increased by 0.3% and 0.4% respectively in the third quarter for this year, in comparison to the previous quarter, according to Eurostat figures.

The growth was slightly down on the second quarter, as GDP rose by 0.4% in the euros area, and 0.5% in the European Union.

Year on year, there was more positive news, as GDP grew by 1.6% in the euro area, and across the whole of the European Union, by a higher 1.9%.

Eurostat also released comparative figures with the United States, and in the third quarter, growth was 0.5%.

Year on year, across the Atlantic there was a higher rate of growth, compared to the euro area and the European Union, with a rise of 2.2%.

Although this was down from the year on year figure for the second quarter, where growth stood at 2.7%.

Romania Tops Growth Chart

Romania grew at a faster pace than any other European Union member state, accelerating to 1.4% for the third quarter.

They were followed by Croatia on 1.3%, Malta 1.1%, Latvia on 1%, and 0.9% growth was recorded in Poland and Slovakia.

Unsurprisingly, growth in Greece fell the most by 0.9%, Finland were reported the next lowest figures of -0.5%, as their economic problems continued.

Estonia also suffered a minus score of 0.5%, and  Denmark experienced a negative figure of minus 0.1%, completing the list of those who contracted between July and September.

Out of the traditionally larger European economies, the United Kingdom grew by 0.5%, while Germany and France just climbed above the European Union average, with growth of 0.3%.

Spain can celebrate a more successful third quarter, as economic activity reached 0.8%, although this was slightly down on the 1% growth for the second quarter.

Euro Bounces Back Up Against US Dollar

The euro has enjoyed a successful morning against the US dollar, currently the euro is buying $1.084, a leap from $1.08 yesterday morning.

Since the raft of announcements from the European Central Bank last week, the euro has wiped out some of the lost value that it has suffered against the dollar this year.

The euro has also climbed against the pound in the past 24 hours, and is now buying at £0.722, from below the £0.717 mark.

Last week saw the euro reach its highest value against the pound since October.

UK and Germany Report Mixed Data

Official figures from Germany have reported a 2% rise in manufacturing turnover for October compared to September.

Domestic turnover increased by 2.6%, and there was a rise of 1.5% in business with foreign customers.

Sales to euro area countries were 1.7% below the preceding month‘s level, while sales to other countries reached 3.7% above the September figures.

The current growth in the sector represents clear progress, as there was a 1.2% decrease in turnover for September compared to August.

In the UK the British Retail Consortium accountants KPMG have reported flat retail figures, despite November’s Black Friday sales.

Sales in November at stores open for more than a year fell 0.4%, from the same month in 2014.