- Fitch
The number of unemployed people in Europe's biggest economy unexpectedly plummeted, while jobless rate stayed unchanged at 6.7%. The gauge came in at –22,000, following a revised 9,000 rise booked in September surprising analysts, who had expected a 4,000 increase. Germany's economic performance is a closely watched gauge of the development of the wider currency area as it makes up about 30% of the Euro zone's economic output. Meanwhile, Spain, the Euro area's fourth largest economy, enjoyed expansion in the third quarter, indicating economic revival maintained momentum following five bumpy years. The country's GDP grew 0.5% on a quarterly basis in the July-September period, following the 0.4% and 0.6% growth in the first and second quarters, respectively, and recording the fifth straight quarter of growth. On a yearly basis, the economy expanded 1.6%, after the second quarter's 1.2% increase. Although Spain has shown positive signs of improvement and growth compared with the other Euro zone members, unhealthy high unemployment, a heavy debt load and low inflation probably remain the biggest unsolved issues in the country, undermining stronger growth across the sectors. Meanwhile, in its neighbour, Portugal, Troika will assess Lisbon's 2015 budget and structural reforms, as officials in Brussels are concerned that Portugal's draft budget does not include any additional austerity measures to replace those rejected by Portugal's Constitutional Court.
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