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The euro area expanded 0.4% sequentially in the third quarter, after contracting for five straight quarters, according to first estimates released by the Eurostat on Thursday. The economy had contracted 2.4% in the first quarter and 0.2% in the second quarter.
Year-on-year, gross domestic product was down 4.1%, smaller than the 4.8% decline reported in the prior quarter. The statistical office confirmed the flash estimate released on November 13.
On the expenditure front, household spending slipped 0.2% quarter-on-quarter, after staying flat in the second quarter. Meanwhile, government spending rose 0.5%, slightly down from 0.6% in the prior quarter. Decline in investment slowed to 0.4% from 1.7%. Further, exports and imports grew 2.9% and 2.6%, respectively.
At the same time, the EU 27 grew 0.3% sequentially, revised up from the flash estimate of 0.2%. Annually, GDP fell 4.3% in the third quarter, in line with previous estimate.
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