Eurozone GDP growth picks up in Q2

(Sharecast News) - Economic output in the euro area rose more quickly over the three months ending in September than over the preceding quarter, as Germany skirted recession and aggregate demand in Ireland spiked. According to Eurostat, gross domestic product in the single currency area expanded at a quarter-on-quarter pace of 0.4%, after growth of 0.2% during the three months to June.

Key to that outcome, German GDP rebounded by 0.1% on the quarter after a 0.3% drop during the previous three months.

Growth in the bloc would have been stronger had it not been for a 1.5% quarterly drop in exports.

Consumption and public sector spending however jumped by 0.7% and 0.5%, respectively.

Gross fixed capital bounced back by 2.0% following the two consecutive larger declines observed in the first and second quarters.

Irish GDP meanwhile surged by 3.5%.

The rate of growth in Spain was steady at 0.8% for the quarter, while in France it doubled to 0.4%.

In Italy on the other hand economic growth slowed again, this time from 0.2% to 0.0%.

Dutch GDP remained strong although growth did ebb from a 1.1% clip to 0.8%.

Year-on-year GDP growth picked up in the euro area, from 0.5% to 0.9%.