Ireland tops euro zone countries for economic growth

Euro zone gross domestic product (GDP) grew by slightly more than initially estimated, with Ireland showing the strongest growth at 2.3 per cent.

Data from the European statistics agency Eurostat revealed household spending and business investment is propping up the economies of the 19 euro zone members.

Eurostat said GDP growth in the third quarter was 0.3 per cent across the euro zone in the July-September period from the previous quarter, and 2.3 per cent year-on-year - above its flash estimates of 0.2 per cent and 2.1 per cent published in mid-November.

Household spending added 0.4 percentage points to euro zone growth and gross fixed capital formation 0.8 points. The contribution from government expenditure was negligible, while trade was a net negative of 1.1 percentage points.

After Ireland, Malta and Cyprus both noted considerable growth, expanding at 1.3 per cent. The steepest declines were in Estonia, Latvia and Slovenia.

Employment levels also expanded in the euro zone by 0.3 per cent quarter-on-quarter, the same pace as in the second quarter of 2022. -Reuters