Eurozone output lower than expected


The economy of the 16 countries using the euro grew by less than expected in 2010

The economy of the 16 countries which used the euro in the third quarter of 2010 grew by less than expected, official figures have shown.

Eurostat, the EU’s statistics office, said the eurozone saw output rise by 0.3% during the quarter, down on the previous estimate of 0.4% and below the 1% growth recorded in the second quarter.

Much of the slowdown was due to a sharp decline in Germany. Though Europe’s biggest economy grew by a still-healthy 0.7%, that was way down on the 2.3% recorded in the second quarter.

Greece was the only eurozone country economy in recession. Its economy shrank a further 1.3%.

A separate survey showed unemployment in the eurozone remained unchanged at 10.1% in November.

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