Economy: Economy in the Eurozone slows growth rate somewhat in summer

The euro zone economy continued to grow solidly despite the adverse conditions caused by the Iran war. The gross domestic product (GDP) increased by 0.4 percent from July to September compared to the previous quarter, as the statistics authority Eurostat announced on Friday, thereby confirming a flash estimate.

In the spring, GDP even increased by 0.6 percent. The European Central Bank (ECB) recently pointed out that the services sector has now recovered after declining at the start of the Iran war.

The manufacturing sector, digital services and exports also benefit from AI-related business investments. Government spending on infrastructure and defense also strengthens the economy. From the ECB's perspective, these factors should continue to support growth in the short term.

The gross domestic product for the euro zone benefited from a growth spurt in Ireland in the summer - here it was a whopping 5.5 percent. Due to the presence of large international corporations who choose the location for tax reasons, the Irish economy repeatedly experiences strong fluctuations in GDP data.

Spain was also one of the growth engines in the currency area in the summer: the fourth largest economy in the euro zone generated an increase of 0.6 percent in the third quarter, to which booming tourism contributed. Europe's largest economy, Germany, on the other hand, only managed growth of 0.2 percent. The French economy contracted by 0.1 percent and Italy experienced stagnation.

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