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EU sees weak growth, highest employment levels in Q3

EU sees weak growth, highest employment levels in Q3
Bloc sees 0.3% annual growth rate in 3rd quarter, official data shows

By Aysu Bicer

ANKARA (AA) - The European Union's seasonally adjusted gross domestic product growth performance remained weak, while posting the highest level of employment ever in the third quarter of 2019, the bloc's statistical office's data showed on Thursday.

Seasonally adjusted GDP rose by 0.3% in the EU28 during the third quarter of 2019, compared with the previous quarter, according to Eurostat data.

In the second quarter of 2019, GDP had grown by 0.2% in the EU28, it added.

"Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.4% in the EU28 in the third quarter of 2019," Eurostat said.

Among member states, it added, the highest growth rates were seen in Poland (1.3%), Hungary (1.1%), and Estonia (1%), while the lowest growth was observed in Germany, Italy and Austria (all 0.1%).

Household final consumption expenditure had a positive contribution to the block's GDP growth.

"During the third quarter of 2019, household final consumption expenditure rose by 0.5% in the EU28," the data showed.

- Highest levels of employment ever

Eurostat also announced that employment saw increase of 1% in the EU28 in the third quarter, on a yearly basis. These figure was 0.3% for the EU28 in the second quarter, it said.

"In the second quarter of 2019, 241.4 million people were employed in the EU28, of which 160.0 million were in the euro area," it added.

Eurostat estimated that in the third quarter of 2019, 241.5 million people were employed in the EU28, of which 160.1 million were in the euro area.

These are the highest levels of employment ever recorded in both areas.

"More specifically, the number of persons employed has increased by 11.4 million in the euro area and 17.4 million in the EU28 since the lowest level of employment after the financial crisis (2013 Q2 for euro area, 2013 Q1 for EU28),” Eurostat said.



source: News Feed
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