European economies grow modestly in Q3

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"In spite of recent headwinds from weaker export demand in emerging markets, Germany's economic growth continues to be supported by favourable labour market and financing conditions underpinning domestic demand"
 - European Commission

Slowdown in emerging markets, the Volkswagen scandal, as well as a migration crisis derailed the Euro zone's number one economy during the third quarter. After a promising and strong performance in the three months through June, the German economy weakened, with the nation's GDP increasing 0.3% during the third quarter, according to Destatis. Domestic consumption was the main driver of third quarter GDP growth. In annual and non-seasonal adjusted terms, the economy expanded 1.8%, in line with economists expectations. The European Commission predicts real GDP in Germany to increase by 1.7% in 2015 and 1.9% in 2016 and 2017.

Meanwhile, the French economy, the Euro zone's second biggest, performed better in the third quarter, according to preliminary data. France's economic output rose 0.3%, following a 0.0% growth in the second quarter. The household consumption was also the main driver behind the growth, as it increased 0.3% after stagnating in the preceding three-month period. In Italy, GDP continued to increase at a 0.2% quarterly pace, signalling that the process of implementing economic reforms should continue. On an annual basis, the Euro zone's third biggest economy grew 0.9% in the reported period, compared with the revised 0.6% growth in the previous quarter.


© Dukascopy Bank SA

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