That’s a slowdown on the 0.4% recorded three months earlier, showing that Europe’s recovery remains fragile and lacklustre despite the huge stimulus measures launched by the European Central Bank this year.
It’s also weaker than expected — economists had expected 0.4% growth.
Q3 GDP data was disappointing for the Italian economy which is performing below predictions and losing steam, while the Portuguese economy is was stagnant. The mighty German economy is also shown to be slowing down to 0.3% matching France.
Germany’s stats office says that consumer and government spending both rose but trade had a negative impact on growth, though, with imports growing faster than exports.
Brussels officials have pointed to Portugal as an example that tough fiscal consolidation can deliver results. Its actual no growth figures may prompt a rethink.
Finland has cemented its growing reputation as one of Europe’s most ailing members.
Finnish GDP contracted by 0.6% in the last quarter, according to new data this morning. That left Finland’s economy 0.8% smaller than a year ago.
