Italian GDP rises by 0.5% as expected - Euro looks strong

Mark Carney

The European Union's statistics office Eurostat confirmed its estimate from October 31 that the gross domestic product (GDP) of the euro zone grew by 0.6% in the months from July to September from the previous three months. The locomotive of the euro-zone released the data earlier and it came out at 0.8%, well above expectations.

In the second quarter of 2017, GDP grew by 0.7% in both zones.

The economy of Italy is seeing accelerating growth: 0.5% q/q, the highest since 2009.

Seasonally adjusted German GDP rose 0.8 per cent on the quarter, beating a consensus forecast of 0.6 per cent, which was also the second-quarter growth rate. Compared with the same quarter of the previous year, GDP grew by 2.3% (after +2.2% in the previous quarter).

The stronger growth supports the European Central Bank's decision last month to start weaning the euro zone off ultra-loose money by saying that from January it will halve the amount of bonds it buys every month to 30 billion euros (S$47.7 billion).

By way of comparison, British GDP grew by 0.4% over the third quarter, up from 0.3% in the three months to June, and in the U.S. growth clocked in at 0.7% on the quarter, down from 0.8% for the three months to June.

Meanwhile, in terms of quarter-on-quarter rate of change GDP expanded at a 0.6% clip, as expected by economists. This may provide some comfort after Italy was left out of the World Cup for the first time in 60 years.

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