One slows down, the other accelerates, but the final result between the first two economies of the Eurozone is still a draw. On the day when Eurostat will also provide the first estimate of GDP of the euro area and the EU in the July-September period, some indiscretions on the estimates for the third quarter filter through the national statistical offices.
In detail, the GDP of the Germany it grew by 0,3%, slowing down compared to the +0,4% of the previous quarter. On an annual basis, however, the increase in GDP was 1,7%. The German Statistical Institute points out that the main driver of growth is private consumption while the balance in foreign trade, Germany's traditional strength, this time had a negative impact on the national accounts. “The turbulence in the emerging markets and the Chinese slowdown – observes the ING economist Carsten Brzeski – have left their marks on the German economy”.
The cyclical variation is the same for the GDP of France (+0,3%, in line with expectations), but in this case it is an improvement, given that between April and June the country had not gone beyond stagnation. The increase, explains the statistical institute, is particularly linked to a recovery in household consumption, which increased by 0,3% mainly due to higher energy costs while foreign trade is slowing down. GDP growth on an annual basis was instead 1,2%.
EUROZONE
According to the preliminary estimate released by Eurostat, the GDP of the currency union marked an increase of 0,3 per cent in the third quarter, compared with the +0,4 per cent of the previous three months and resulting lower than the average expectations of analysts ( +0,4%).
In comparison on an annual basis, growth instead marked an acceleration to plus 1,6 per cent, from plus 1,5 per cent in the second quarter. Looking at the entire European Union of 28, GDP recorded a plus 0,4 percent from the previous three months and a plus 1,9 percent on an annual basis, values similar to those of the second quarter.
