The eurozone and the European Union saw modest economic growth in the third quarter of 2024, according to a report from Aviation Analysis Wing [166d7117]. The eurozone economy grew by 0.2%, while the European Union economy grew by 0.3% compared to the previous quarter. In comparison to the same period last year, the eurozone economy grew by 0.8% and the European Union economy grew by 1.3% [166d7117].
Germany's economy grew by 0.1% in the third quarter, driven by increased household spending and export growth. France's economy also saw growth, expanding by 0.3% with strong performance in industrial production [166d7117].
However, Italy and Cyprus did not experience any recovery in the third quarter. Italy's economy contracted by 0.2% and 0.1% in the second and third quarters, respectively. Cyprus witnessed a sharp contraction over the past four quarters [166d7117].
Spain, Portugal, Belgium, and Greece experienced stable growth during this period. The Dutch economy and the eurozone economy as a whole were still 2% lower in the third quarter of 2024 compared to early 2008 [166d7117].
In contrast, the UK economy grew by 0.7% in the third quarter, while the US economy grew by 0.9%. Both countries showed strong recovery, with the US economy now 8% above the 2008 level [166d7117].
The report also highlighted that all figures mentioned have been adjusted for working days and seasons [166d7117].