LONDON – Official figures have confirmed that the eurozone economy, which is made up of the 19 countries that use the euro, expanded by a quarterly rate of 0.3 percent in the third quarter of the year.
A country-by-country breakdown from Eurostat, the European Union's statistics agency, shows that the modest pace of growth was largely due to a slowdown in Germany, the single currency bloc's biggest economy. Growth in Germany halved to 0.2 percent during the period.
Growth was also 0.2 percent in France, the eurozone's second-biggest economy. That, however, represented a modest improvement from the second-quarter's 0.1 percent decline.
Highlights in the figures Tuesday were Greece and Spain, two countries with sky-high unemployment rates. Greece's economy expanded by 0.5 percent while Spain's grew 0.7 percent.