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Eurozone 2010 Q3 Growth Revised To 0.3%

Source: AFP - Fri 7th Jan 2011

Growth in the Eurozone fell more than expected during the third quarter of last yeat, to 0.3 % as ooposed to 0.4 % in a third revised estimate released by the EU's data office earlier today.

The second quarter saw growth of 1 % across the 16 Eurozone countries (17, as of 1st Jan 2011 when Estoni joined the group) following a 0.4 % increase on the previous quarter.

Eurostat, however, confirmed its previous third-quarter forecast of 0.5 % growth across the 27 EU member states.

Out of all the 27 countries, Sweden saw the strongest growth at 2.1 %, followed by Luxembourg at 1.5 % and Poland with 1.3 %.

In Germany, the eurozone's largest economy, growth slowed to 0.7 %, a strong contrast to the previous quarter's rebound of 2.3 %. Growth was 0.3 % in France - compared to an earlier forecast of 0.4 % - after 0.6 % in the second quarter.

Growth was 0.3 % in Italy, an improvement on the previous 0.2 % estimate, but Spain and the Netherlands saw zero growth. Previous estimates for the Netherlands saw a 0.1 % fall.

Across the euro area, consumption increased by 0.1 % in the third quarter, Eurostat said, revising downwards its previous estimate of 0.3 %.

It also revised investment down 0.3 % against a previous estimate of stable growth.

Exports rose 1.9 % and imports 1.5 % (against a previous estimate of 1.7 %).

Compared to 2009, GDP increased 1.9 % in the third quarter across the euro area and 2.2 % in the 27 EU member states, Eurostat said.

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