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German economy slows in third quarter Eurozone economy slows in third quarter
(about 2 hours later)
The German economy slowed in the third quarter of the year, according to official figures, but growth in France picked up. The eurozone's economy grew by 0.3% in the third quarter of the year, official figures have shown.
Germany's economy grew by 0.3% in the July-to-September period, down from 0.4% in the previous quarter. Growth in the 19-nation bloc has slowed from 0.4% in the previous quarter and 0.5% in the January-to-March period, the Eurostat figures show.
Growth was held back by foreign trade, with imports rising more strongly than exports. Germany's economy slowed in the third quarter of the year, but growth in France picked up.
The French economy also grew by 0.3% in the same period, but this marked a pick-up from zero growth previously. Spain enjoyed a growth rate of 0.8%, but Greece's economy contracted by 0.5%.
The third quarter growth figure for the eurozone as a whole is due to be released later.
Higher importsHigher imports
Germany's Federal Statistics Office said the economy had shown "continued moderate growth". Germany's economy grew by 0.3% in the July-to-September period, down from 0.4% in the previous quarter.
The country's Federal Statistics Office said the economy had shown "continued moderate growth".
It said growth was helped by increased domestic consumption, but it added foreign trade "had a downward effect on growth because the increase in imports was markedly larger than that of exports".It said growth was helped by increased domestic consumption, but it added foreign trade "had a downward effect on growth because the increase in imports was markedly larger than that of exports".
A sharp rise in imports also weighed on France's third-quarter growth figure, according to the French statistics agency INSEE. The French economy also grew by 0.3% in the same period, but this marked a pick-up from zero growth previously.
The French statistics agency INSEE said a rise in imports had also weighed on the country's growth rate.
But it added that the economy saw an increase in household spending, and that production of goods and services picked up.But it added that the economy saw an increase in household spending, and that production of goods and services picked up.
INSEE also confirmed that the economy saw zero growth in the second quarter of the year, and grew by 0.7% in the January-to-March period. INSEE also confirmed that the economy recorded a zero growth rate in the second quarter of the year, and grew by 0.7% in the January-to-March period.
"The (GDP) figure... confirms that we have left in 2015 the period of very weak growth that France had experienced since 2011," said French Finance Minister Michel Sapin."The (GDP) figure... confirms that we have left in 2015 the period of very weak growth that France had experienced since 2011," said French Finance Minister Michel Sapin.