The European Union economy stagnated in the third quarter, according to seasonally adjusted data. This is a worse result than in the flash estimate at the end of last month, in which Eurostat was still talking about moderate growth.
Slowing growth rate
In the 20-country eurozone, the economy contracted by 0.1 percent, compared with a 0.2 percent increase a quarter earlier. Year-on-year, its growth rate slowed to 0.1 percent from 0.5 percent in the second quarter. All of these data are the same as in the flash estimate from late October.
The Czech economy contracted 0.3 percent in the third quarter, and the year-on-year decline remained at 0.6 percent, where it was in the second quarter. Ireland posted the largest quarter-on-quarter economic contraction of all EU countries, down 1.8 percent. On a year-on-year basis, the Irish economy contracted by 4.7 percent, also the worst result of all EU countries.
Poland’s economic growth
Among the Visegrad Group (V4) countries, which includes the Czech Republic, Slovakia, Poland, and Hungary, Poland performed best. Its economy grew by 1.4% quarter-on-quarter. Hungary grew more slowly and Slovakia even more slowly. The Czech Republic is the only country in this group to show a quarter-on-quarter decline.
By comparison, the US economy grew by 1.2 percent quarter-on-quarter in the third quarter using a comparable calculation methodology. Its growth rate accelerated from 0.5 percent in the second quarter. On a year-on-year basis, the US economy then accelerated to 2.9 percent growth from 2.4 percent a quarter earlier.
Source Czech Press Office
