 Workers assemble the cockpit of a G.222 airplane at Finmeccanica's Alenia Aeronautica plant in Naples, Italy, in this file photo. Third quarter 2010 gross domestic product in the euro region rose 0.3 percent from the second quarter , according to data released Jan. 7, 2011. Bloomberg photo |
Europe’s economy expanded less than initially estimated in the third quarter as companies trimmed spending to weather the region’s worsening debt crisis.
Gross domestic product in the euro region rose 0.3 percent from the second quarter instead of 0.4 percent reported on Dec. 2, the European Union’s statistics office in Luxembourg said Friday. Investment fell 0.3 percent, while imports rose 1.5 percent.
A separate report showed the jobless rate held at 10.1 percent in November when adjusted for seasonal swings.
Europe’s economy has been reliant on exports as the region’s sovereign-debt crisis prompted countries from Spain to Italy to step up austerity measures, hurting consumer demand and forcing companies to pare costs.
Germany continued to fuel euro-region growth in the third quarter, expanding 0.7 percent from the second quarter, when it grew 2.3 percent. The French and Italian economies both expanded 0.3 percent. Ireland, which had the euro area’s highest budget shortfall in 2010, had a GDP increase of 0.5 percent. Spain’s economy stalled and Greece’s economy contracted 1.3 percent.
From a year earlier, euro-area GDP increased 1.9 percent, after increasing 2 percent in the second quarter, Friday’s report showed.
Gross domestic product in the euro region rose 0.3 percent from the second quarter instead of 0.4 percent reported on Dec. 2, the European Union’s statistics office in Luxembourg said Friday. Investment fell 0.3 percent, while imports rose 1.5 percent.
A separate report showed the jobless rate held at 10.1 percent in November when adjusted for seasonal swings.
Europe’s economy has been reliant on exports as the region’s sovereign-debt crisis prompted countries from Spain to Italy to step up austerity measures, hurting consumer demand and forcing companies to pare costs.
Germany continued to fuel euro-region growth in the third quarter, expanding 0.7 percent from the second quarter, when it grew 2.3 percent. The French and Italian economies both expanded 0.3 percent. Ireland, which had the euro area’s highest budget shortfall in 2010, had a GDP increase of 0.5 percent. Spain’s economy stalled and Greece’s economy contracted 1.3 percent.
From a year earlier, euro-area GDP increased 1.9 percent, after increasing 2 percent in the second quarter, Friday’s report showed.
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