Growth in the Eurozone economies in the third quarter slowed to 0.3%

Moscow. November 13. The economy of the 19 countries of the Eurozone in the third quarter increased by 0.3% compared with the previous three months, according to preliminary data from the Statistical office of the European Union.

GDP growth compared to July-September last year amounted to 1.6%.

Both results were worse than expected. Analysts surveyed by Bloomberg, the average predicted increase for the quarter by 0.4% and for the year of 1.7%.

During the second quarter of this year the Eurozone economy grew 0.4% compared with the previous quarter and by 1.5% per year.

Weaker GDP growth in the Eurozone adds to the reasons “for the European Central Bank to expand stimulus in December”, says the head of macroscelididae ABN Amro Bank NV. “The domestic economy is feeling well, but the Euro area is faced with external obstacles, including weak growth in world trade and falling export to the countries of emerging markets,” he said.

The futures market is currently estimated at 96% chance of lowering interest rates the ECB at the next meeting in December.

The growth rate of two of the three largest economies of the Eurozone countries in the third quarter slowed. Thus, the German GDP increased by 0.3% after rising 0.4% in the second quarter, Italian 0.2%, after rising 0.3 percent in April-June. At the same time, France’s economic growth accelerated to 0.3% from zero.

The OECD earlier this week downgraded its GDP growth forecast for the Eurozone for 2015 and 2016 by 0.1 percentage points to 1.5% and 1.8% respectively.

The European Commission last week raised its forecast for 2015 to 1.6% expected in may to 1.5%, and the following year it was reduced to 1.8% from 1.9%.