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Eurozone growth stays sluggish

Brussels - Eurozone economic growth slowed more than expected in the third quarter against the previous three months, revised data from the European Union's statistics office Eurostat showed on Friday.

Eurostat said gross domestic product in the 16 countries using the euro grew 0.3% in the third quarter against the April-June period, rather than 0.4% as reported previously.

Year-on-year growth was unchanged at 1.9%.

Eurostat confirmed that household consumption, government spending and net trade contributed 0.1 percentage point each to the overall result.

Inventories, which in the previous Eurostat report did not contribute to growth, were revised to have added 0.1 percentage point, while investment, also previously with no impact on the final figure, subtracted 0.1 percentage point.

Eurostat confirmed German third-quarter growth at 0.7% in quarterly terms, but revised Italian growth upwards to 0.3% from 0.2%. The Dutch economy was flat rather than in a 0.1% quarterly contraction.

But Greece had a 1.3% recession, rather than the 1.1% previously reported, and Portugal's growth was 0.3% rather than 0.4%.

Also, French growth was 0.3% rather than 0.4% and Finland's was only 0.5% rather than 1.3%.

Separately, Eurostat said the unemployment rate in the eurozone was unchanged at 10.1% in November, even though the number of people without jobs decreased by 39 000 to 15.924 million.

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