Seasonally adjusted growth domestic product (GDP) increased by 3.7% in the euro area and by 3.9% in the EU in the third quarter of 2021, compared with the same quarter the previous year.
The figures contrast with a rise of 14.2% in the euro area and 13.7% in the EU in the second quarter, compared with Q2 2020, according to new data from Eurostat, the European Union’s statistical office.
Seasonally adjusted GDP increased by 2.2% in the euro area in the third quarter of this year and by 2.1% in the EU as a whole, compared with the previous quarter,
In the second quarter of 2021, seasonally adjusted GDP had grown by 2.1% in the euro area and by 2.0% in the EU. The growth comes as the economy continues to recover from the Covid-19 pandemic.
Employment growth in the euro area and EU
Eurostat also published figures on employment in the third quarter.
It said the number of people employed increased by 0.9% in both the euro area and the EU compared with the previous quarter. In the second quarter of 2021, employment had increased by 0.7% in the euro area and by 0.8% in the EU.
Compared with the same quarter of the previous year, it noted that employment increased by 2.0% in the euro area and by 2.1% in the EU, after going up 1.9% in both areas in the second quarter of 2021.
The eurozone is an economic region made up of all the countries in the European Union that use the euro as their national currency and sole legal tender.
Officially called the euro area, the eurozone came into being in 1999 and is now one of the largest economic regions in the world, with 19 member countries, as of January 2017.