Record Increase For EZ Economy

EZ Q3 PRELIM. FLASH GDP +12.7% Q/Q SA, -4.3% Y/Y WDA

EZ Q2 GDP -11.8% Q/Q SA; -14.8% Y/Y WDA

• The EZ economy grew sharply in Q3, up 12.7%, stronger than markets expected (BBG: 9.5% q/q)
• This follows a historic decline in Q2 where the economy shrank by 11.8%.
• Annual GDP recorded another decline in Q3 of -4.3%, although at a slower pace than in the previous quarter.
• The quarterly increase was the sharpest ever recorded since the series began in 1995.
• Among the member states for which data is available, France (+18.2%), Spain (+16.7%) and Italy (+16.1%) saw the largest quarterly gains.
• However, these were also the countries which saw the largest declines in Q2.
• The smallest Q3 growth rates were registered in Lithuania (+3.7%), Latvia (6.6%) and Germany (+8.2%).