The European Union's current account deficit grew to €16.3 billion in the third quarter of the year, according to new EU data today.

The 27-nation bloc's current account deficit was up from €14.6 billion in the second quarter of 2007, though down significantly on the €24.6 billion registered in the third quarter of last year, according to the first estimate from the EU's Eurostat data agency.

The current account deficit, the broadest measure of trade in goods and services, thus fell 0.5% of the European Union's gross domestic product in the third quarter of 2007, from 0.9% in the same time last year.