The economy of the 27 member states of the European Union as a whole grew by 2.1% in the third consecutive quarter, which led to a slight acceleration in the growth rate compared to the previous quarter. However, Portugal in a counter cycle: Between July and September, the Portuguese economy slows down, although it has progressed more than average.
According to the rapid estimate of GDP and employment released on Tuesday, November 16th by Eurostat, the growth of the EU economy as a whole, and only in its 27 member states, accelerated in the third quarter of the year compared to the previous three months. On 27, GDP grew 2.1% (in the second quarter it advanced 2.2%); If only countries with the single currency were considered, the economy grew by 2.1% (up from 2% in the second quarter).
As the National Institute of Statistics (INE) concluded at the end of October, Eurostat now confirms that Portugal grew by 2.9% between July and September, after the economy advanced 4.4% in the previous quarter.
This slowdown is also visible in other European Union countries, such as Lithuania or Latvia, where new waves of the Covid-19 pandemic began to appear at the beginning of August.
On the other hand, there are also heavyweight economies in the European Union, such as Spain and France, which accelerated strongly compared to the previous quarter: Spanish GDP grew by 2% in a series, after advancing 1.1% in the previous quarter, while the French economy advanced by 3 % after growing 1.3% in the second quarter.
On an annual basis, there is a slowdown: Eurozone GDP grew 3.7% and EU GDP increased 3.9% in the third quarter, after growing by 14.2% and 13.7%, respectively, in the previous quarter.
The same is happening in Portugal: After advancing by 16.1% in the second quarter, Portuguese GDP rose 4.2% between July and September.
Employment up 0.9%
According to Eurostat, job opportunities have also accelerated in the European Union and the Eurozone. After the number of people employed grew 0.8% and 0.7% in the second quarter, respectively, it rose 0.9% in both groups of countries.
There was also an acceleration in hiring on an annual basis, with the number of people employed increasing by 2% in the eurozone and 2.1% in the European Union in the third quarter of this year, after advancing 1.9% in both areas in the second. quarter.
(news updated at 10:40)
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