Euro zone gross domestic product grew by 0.2% quarter-on-quarter in the three months from July to September for a 2.1% year-on-year increase, Eurostat confirmed today.

Employment in the single currency area also rose, Eurostat added.

The European Union's statistics office, Eurostat, had already estimated third quarter growth at 0.2% on October 31.

Eurostat said employment in the 19 countries sharing the euro also increased by 0.2% quarter-on-quarter in the third quarter for a 1.7% year-on-year rise.

The European Commission expects the economy to shrink in the fourth quarter of 2022 and in the first three months of 2023 because of surging energy prices and rising interest rates which undermine spending and borrowing power and confidence.