Eurozone's economy grew by 0.6% in third quarter, unemployment at nine-year low

By Johan De Mulder

Europe's GDP growth exceeded expectations for its third quarter, registering a 0.6% increase in the three months up to September.

The figures pushed the Eurozone's growth for the past 12 months up to 2.5% as the continent benefited from the European Central Bank's strategy of lowering interest rates and quantitative easing.

Preliminary data released by Eurostat also revealed that the unemployment rate across the Eurozone was at 8.9% in September, the lowest it has been since January 2009.

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"Looking ahead, there are good reasons to expect the Eurozone’s upturn to continue and perhaps accelerate," said Jennifer McKeown, chief European economist at Capital Economic.

"Business surveys including the Composite PMI and particularly the EC Survey paint a very positive picture. And other data has revealed that the labour market recovery gained pace in September."

Inflation figures for Eurozone fell short of estimates, however, dropping to 1.4% in October from 1.5% in September.

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