4 December 2002, 16:46  Eurozone GDP up 0.8pc on yr in Q3

Eurozone GDP in the third quarter rose 0.3pc from the previous quarter and was up 0.8pc year-on-year, according to figures released today by EU statistics office Eurostat. The figures were in line with forecasts of economists and compared with a second quarter rise of 0.4pc from the previous quarter and a year-on-year rise of 0.7pc. For the EU as a whole, third quarter GDP was up 0.4pc quarter-on-quarter and rose 0.9pc from a year earlier, Eurostat said. In light of the figures, the European Commission maintained its forecast for quarterly GDP growth of 0.2-0.5pc in the fourth quarter.
For the first quarter of 2003, the Commission said it expected GDP growth of -0.2-0.2pc. "This first estimate is due to recent developments in the variables used in the model, notably survey indicators both in the US and the EU, and the financial variables," it said. "However this deceleration of growth is compatible with the baseline scenario of a gradual recovery in the course of 2003 sustained by sound fundamentals," it added. //www.fxcentre.com

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