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GDP up by 0.6% in both euro area and EU28

14 November 2017

"The euro zone will likely outpace both the USA and United Kingdom in terms of GDP growth in 2017", he said.

It was 2.5% higher than in the same period of 2016. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations.

Euro zone GDP grew 3 per cent in 2007, and reached 2.1 per cent in 2010 and 2015.

Among the bloc's biggest economies, Germany did best, racing ahead at a quarterly clip of 0.8%, up from 0.6% over the prior three-month stretch, while in Italy and Portugal growth accelerated from 0.3% to 0.5%.

But it rose 3.3% year-on-year, slightly beating economists' average forecast of a 3.2% increase. Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.2% in the previous quarter).

By way of comparison, British GDP grew by 0.4% over the third quarter, up from 0.3% in the three months to June, and in the USA growth clocked in at 0.7% on the quarter, down from 0.8% for the three months to June.

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The euro-zone had already published an initial estimate of its growth rate for Q3, but this did not include the largest economy, Germany.

Its economy expanded 0.4% quarter-on-quarter and 1.5% year-on-year.

"The outlook for production in the fourth quarter remains strong", ING's Colijn said.

The figures support the European Central Bank's move to begin reducing its bond-buying programme.

It nevertheless promised years of stimulus and left the door open to backtracking.

GDP up by 0.6% in both euro area and EU28