Anaemic eurozone, 0.4 per cent growth in third quarter

Brussels – The eurozone barely grew in the third quarter of the year. “Zero” growth and little more, a 0.4 per cent rebound compared to the previous six months. In its newly released data, Eurostat measures the anaemia of EU countries with a single currency. These are preliminary, unconsolidated estimates that could be revised in the coming weeks. Still, in the meantime, they confirm the difficulties already highlighted by the European Commission for outlook and performance.

The picture taken by the European Statistical Institute is the usual half-full glass. The EU and its euro area are not travelling in full sail, but its main competitors are not better off. Indeed, in the comparison made by Eurostat in releasing its preliminary growth estimates, in the July-September 2024 period, if the eurozone’s Gross Domestic Product grew by 0.4 per cent compared to the previous quarter, the U.S. GDP grew by 0.7 per cent, reflecting a weak global economy.

Against this backdrop of anaemic growth, Italy fails to stand out, left at the post by registering “zero” compared to the previous three months. A momentary economic stagnation that nonetheless places Italy second to last in terms of quarterly growth pace. Worse than Italy, only Austria, declining -0.1 per cent.

No crisis around the corner, though. Expectations align with what is also expected at the political level, not just the technical one. A slowdown by the end of the year had been factored in by member states’ economic ministers, with a new momentum expected with the new year. Hence, no surprises from the Eurostat data on quarterly growth. If anything, it is a new reminder to make the reforms that are being called for from many parts.