EU Q3 GDP Y/Y hits 1.2% slightly better than the expected 1.1%

• EU GDP (YoY) (Q3) 1.2% vs expected 1.1% previous 1.1%.
• EU  GDP (QoQ) (Q3) 0.2% vs expected 0.2% previous 0.2%.

After hearing earlier in the session that Germany has avoided a recession the has been some more good news for the Eurozone.

The Euro area has been suffering from a sharp slowdown for some time prompting the ECB to kickstart asset purchasing once again.

Today's readings show that the quarterly reading matched expectation to grow 0.2% in Q3 but the yearly figure showed a small rise of 0.1%.

The number of employed persons also increased by 0.1% in both the euro area and the EU28 in the third quarter of 2019, compared with the previous quarter. In the second quarter of 2019, employment levels had grown by 0.2% in the euro area and by 0.3% in the EU28, according to Eurostat.