Eurozone Grew in the Third Quarter

Eurozone Grew in the Third Quarter The Eurozone grew in the third quarter. Compared to the same period last year, the growth rate was 12.6 percent. According to the data released by Eurostat (European Statistics Office), the Euro Zone grew by 12.6 percent in the third quarter of the year compared to the same period last year. In the first half of the year, the Eurozone economy contracted by 15 percent due to the quarantines applied within the scope of the coronavirus (Covid-19) outbreak measures. On an annual basis, the Eurozone economy contracted by 4.4 percent compared to the same period of the previous year. The expectation of the market was that the contraction would be 4.3 percent. In addition, the record growth rate recorded in the third quarter brought about an increase in employment. According to data released on Friday, the said rate, which decreased 3 percent in the second quarter, increased by 0.9 percent in the last 3 months. The GDP ratio of the European Union (EU) increased by 11.6 percent compared to the previous quarter, and shrank by 4.3 percent on an annual basis.   Concerns Continue Although the announced data are positive, the rapid increase in coronavirus cases causes concerns to continue. Especially in European countries, the rapid escalation of cases and quarantine practices are perceived as an obstacle to economic recovery. Accordingly, it is estimated that the European economy will shrink again in the last quarter. Although Pfizer and BioNTech’s good news of the coronavirus vaccine were enthusiastically welcomed, ECB President Christine Lagarde announced that she would not be too excited about this development.