Euro-area output rose 0.4% in the third quarter, while Germany and Spain grew and France contracted, underscoring uneven performance across the bloc ahead of Tuesday’s U.S. federal election.
Eurostat’s preliminary flash estimate put growth at 0.4% from July through September, down from 0.6% in the second quarter. Output was 1.3% higher than a year earlier. The estimate drew on data from 19 member states, covering 96% of euro-area GDP; Eurostat said the figure may be revised and scheduled another estimate for Nov. 13.
FXStreet reported market expectations of 0.2% growth for the euro area and 0.1% for Germany.
Germany’s gross domestic product (GDP) grew 0.2% in the quarter, the Federal Statistical Office (Destatis) said. Germany’s price-adjusted GDP was 1.3% higher than a year earlier. Destatis said final consumption rose slightly, investment fell and export growth moderated.
Eurostat also showed France’s economy contracted 0.1% quarter on quarter, while Spain’s grew 0.6%.
FXStreet reported EUR/USD near $1.1175 in early European trading Monday; its report was published at 12:24 a.m. ET (05:24 UTC). Reuters separately reported the euro at $1.1159 in early Asian trade and said Fitch’s move to a negative outlook for France weighed on the currency in that session. France’s finance ministry confirmed Fitch changed the outlook from stable to negative on Oct. 30.
The Federal Election Commission (FEC) lists Tuesday, Nov. 3, as the next regularly scheduled U.S. federal general election. The Institute for Supply Management (ISM) scheduled its October Manufacturing PMI report for 10 a.m. ET (15:00 UTC) Monday. The European Central Bank’s next monetary-policy meeting is set for Dec. 16-17; Eurostat’s next estimate of third-quarter GDP is due Nov. 13.
