07.12.201705:28:00UTC+00Eurozone GDP Expands On Investment, Exports

The euro area economy expanded, as initially estimated, in the third quarter largely on investment and exports, Eurostat reported Thursday.

Gross domestic product grew 0.6 percent sequentially, slightly slower than the 0.7 percent expansion seen in the second quarter. The rate came in line with the estimate released on November 14.

On a yearly basis, GDP advanced 2.6 percent, which was revised up from the flash estimate of 2.5 percent.

The expenditure-side breakdown of GDP showed that household spending climbed 0.3 percent sequentially slower than the 0.5 percent growth registered in the second quarter.

Likewise, government spending growth eased to 0.2 percent from 0.3 percent. Gross fixed capital formation rose 1.1 percent but weaker than the 2.2 percent rise seen a quarter ago.

Exports increased at a faster pace of 1.2 percent following the second quarter's 1 percent rise. Meanwhile, quarterly growth in imports slowed to 1.1 percent from 1.7 percent.

The EU28 also registered sequential GDP growth of 0.6 percent and annual expansion of 2.6 percent in the third quarter.