Spain's economy grew by 0.8% between July and September, twice as much as the Eurozone

Countries with the common currency advanced by 0.4%, while employment increased by 0.1%

Olatz Hernández

Brussels

Friday, 15 November 2024, 19:04

The Spanish economy continues to be the main driving force in the Eurozone. Taking the major European economic powers into consideration, Spain is the one that grew the most between July and September, with an increase in its gross domestic product (GDP) of 0.8%, according to provisional data published on Thursday this week by Eurostat (the EU's statistical office). The country is thus growing twice as fast as the Eurozone average, which rose by 0.4% in the same period. Thursday also saw the release of employment data for the single-currency countries, which increased by 0.1% between July and September.

Alongside Spain, the economies of Ireland (2%), Lithuania (1.1%) and Cyprus (1%) are also growing. Germany, the Eurozone's largest economy, which accounts for a quarter of European GDP, has been affected by the crisis in the manufacturing sector following the pandemic. Even so, it is now in positive territory and grew by 0.2% over the three months. In contrast, Hungary (-0.7%), Latvia (-0.4%), Poland (-0.2%) and Sweden (-0.1%) fell.

Employment data show a slight increase in employment of 0.1%. The labour market has remained strong despite the cooling of the eurozone economy and unemployment remains at a record low of 6.6%, according to data from the European Central Bank (ECB). Its French president, Christine Lagarde, recently said she expects the eurozone economy to slow slightly before gathering momentum in 2025. Possible interest rate cuts by the Eurobank could also serve to boost the economy.

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