Euro area economy expanded at a slower pace in the third quarter and employment growth slowed as runaway inflation and rising interest rates damp economic activity in the single currency bloc, latest figures from Eurostat showed Tuesday. Gross domestic product grew a seasonally adjusted 0.2 percent from the second quarter, when the Eurozone economy expanded 0.8 percent.
The EU GDP also rose 0.2 percent sequentially in the September quarter after a 0.7 percent growth in the previous three months. Compared to the same quarter last year, Eurozone GDP grew 2.1 percent in the third quarter following a 4.3 percent expansion in the previous three months.Annual growth in the EU slowed to 2.4 percent from 4.3 percent. All figures were in line with the flash estimate released on October 31. Based on the available data, Cyprus and Romania logged the strongest quarterly GDP growth rate, 1.3 percent, among EU member states.
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