European Union’s Statistics Office Eurostat announced the euro zone final third quarter Gross Domestic Product data today. Growth in the 17-nation region barely grew, reporting a 0.2 percent growth in the months from July to September.
The second and final third quarter GDP reading confirms an initial estimate published on November 15 and follows the second quarter’s same 0.2 percent growth.
The results show that the euro zone economic growth held steady in the third quarter helped by an increase in exports which offset the impact of a slump in construction.
A break down of the rata indicate that exports increased 1.5 percent from the previous quarter, when they gained 1.1 percent, while household spending advanced 0.3 percent. Construction output though dropped 0.6.
Since the data did not disappoint, this helped push up the euro. However, shortly after the GDP data, German factory orders were released, much higher than expected. This made euro surge against the dollar to a session high of 1.3427, gaining 0.7 percent from the session low of 1.3332.
German industrial orders for October posted their strongest increase since March 2010. Data showed orders rose 5.2 percent in October from a previous month’s decline of 4.6 percent. Expectations were for a mere 0.8 percent gain.