European economic growth rebounded in the third quarter despite financial market swings and the record strength of the euro and oil prices.
An official EU estimate released today showed that after a second-quarter soft spot, economic growth in the 13 nations sharing the single currency accelerated in the three months through September.
Growth was up 0.7% over the previous quarter and 2.6% over the same period last year.
The result marked an improvement from the second quarter, when euro zone GDP grew only 0.3% over one quarter and 2.5% over the year.
The third quarter figures, which were adjusted for seasonal variations, marginally exceeded economists' forecasts for quarterly growth of 0.6% and yearly growth of 2.5%.
Meanwhile, the 27-nation EU economy also picked up in the period with growth of 0.8% over Q2 and 2.9% on last year's Q3.
European economic growth gained speed in the third quarter even though financial markets saw extreme volatility over concerns about the US housing market while credit crunch emerged as lenders became reluctant to lend.
