Euro zone economic growth was weaker than expected in the third quarter, a flash estimate showed today, with gross domestic product contracting slightly quarter-on-quarter and the year-on-year growth rate slow ing sharply.
The European Union's statistics office Eurostat said GDP in the 20 countries sharing the euro fell 0.1% quarter-on-quarter in the three months from July to September for a 0.1% year-on-year rise.
Economists polled by Reuters had expected a 0.0% quarterly growth and a 0.2% year-on-year gain.
Eurostat data showed 0.1% quarterly growth in France, 0.3% in Spain and 0.5% in Belgium.
But that failed to offset a 0.1% quarterly slump in Germany, no growth in Italy, and contractions in Austria, Portugal, Ireland, Estonia and Lithuania.
Today's figures show that Ireland's GDP - which is not the Government's preferred measure of Irish economic growth - slowed by 1.8% in the third quarter compared to the second quarter of this year.
It was also 4.7% lower on an annual basis when compared to the same time last year.
The euro zone economy is facing strong headwinds from high inflation and record high interest rates and slowly tightening fiscal policy.
