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EUROZONE DATA: Final Q3 GDP In-Line With Flash; Consumption Firm, Net Trade Weak

EUROZONE DATA
Data BulletEurozoneBulletMarketsFixed Income BulletsForeign Exchange Bullets

Eurozone Final Q3 GDP printed in-line with flash at 0.4% Q/Q (vs 0.2% in Q2) - the strongest quarterly reading since Q3 2022 and 0.9% Y/Y (vs 0.6% in Q2) - the highest annual reading since Q1 2023.

  • The details show the rise in quarterly GDP was driven by household consumption, Gross Fixed Capital Formation (GFCF) and Change in Inventories each contributing 0.4pp. Household consumption rose 0.7% Q/Q (vs being flat in Q2), and Gross Fixed Capital Formation (GFCF) increased 2.0% Q/Q (vs a fall of 2.4% in Q2) - though the Y/Y rate remains weak at -1.3% Y/Y with the prior 2 quarters recording negative GFCF readings.
  • Government expenditure growth softened to 0.5% Q/Q (vs 1.2% in Q2) contributing 0.1pp.
  • The growth in GDP was restricted to keep it in-line with flash by net exports contributing a negative -0.9pp to the Q/Q Q3 print. Exports fell 1.5% Q/Q (vs a rise of 1.5% in Q2) and imports rose a marginal 0.2% Q/Q (vs 1.1% prior).

 

 

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Eurozone Final Q3 GDP printed in-line with flash at 0.4% Q/Q (vs 0.2% in Q2) - the strongest quarterly reading since Q3 2022 and 0.9% Y/Y (vs 0.6% in Q2) - the highest annual reading since Q1 2023.

  • The details show the rise in quarterly GDP was driven by household consumption, Gross Fixed Capital Formation (GFCF) and Change in Inventories each contributing 0.4pp. Household consumption rose 0.7% Q/Q (vs being flat in Q2), and Gross Fixed Capital Formation (GFCF) increased 2.0% Q/Q (vs a fall of 2.4% in Q2) - though the Y/Y rate remains weak at -1.3% Y/Y with the prior 2 quarters recording negative GFCF readings.
  • Government expenditure growth softened to 0.5% Q/Q (vs 1.2% in Q2) contributing 0.1pp.
  • The growth in GDP was restricted to keep it in-line with flash by net exports contributing a negative -0.9pp to the Q/Q Q3 print. Exports fell 1.5% Q/Q (vs a rise of 1.5% in Q2) and imports rose a marginal 0.2% Q/Q (vs 1.1% prior).