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Slower Eurozone growth sows seeds for extra ECB stimulus

The Eurozone economy grew at a slower pace than expected over the summer months and September, in yet further evidence of the sluggish nature of the bloc’s recovery.

ECB,   Mario draghi

 

The 19-member zone eked out growth of 0.3pc quarter on quarter between July and September, lower than the 0.4pc estimates from economists, as Italy, Portugal and the Netherlands underperformed. Indeed, Portugal’s growth has stalled, while Greece’s economy shrank.

On an annual basis, the bloc’s economy grew by 1.6pc compared with the same period last year.

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The Central Statistics Office has not yet released data for the third quarter yet, but in the second quarter the Irish economy grew by 1.9pc quarter-on-quarter and 7.3pc on an annual basis, the fastest in Europe on both accounts. Data for the third quarter is expected around mid-December.

The latest data from Eurostat marks a slowdown from earlier in the year, when 0.4pc was recorded in the second quarter and 0.5pc in the first three months of the year.

Danae Kyriakopoulou, an economist with the London-based Centre for Economics and Business Research, said the “anaemic” growth sets the scene for more stimulus from the European Central Bank.

Read the full story at Independent, by Colm Kelpie

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