Eurostat: A return to q-o-q growth in Q3
Overview:
As expected, both the Euro area and the EU returned to growth in Q3 according to a preliminary estimate released by Eurostat. The Euro area grew by a seasonally adjusted 0.4% q-o-q in Q3 and the EU grew by 0.2% on the same basis. These numbers, however, were a little softer than expected. Only six of the ten Eastern European countries in the EU have yet reported data. Of these, both the Czech and Slovak Republics recorded a second quarter of positive q-o-q growth. Lithuania showed a sharp rebound. However, Estonia, Hungary and Romania continued to contract. Despite some positive q-o-q readings, growth is also strongly negative at both the Euro area (-4.1%) and EU (-4.3%) levels on a y-o-y basis. There is every indication, also, that the recovery will continue to be weak.