Preliminary flash estimate for the EU and Euro Area third quarter of 2017
GDP up by 0.6% in both the Euro Area and the EU28 +2.5% in both areas compared with the third quarter of 2016
Seasonally adjusted GDP rose by 0.6% in both the euro area (EA19) and in the EU28 during the third quarter of 2017, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union. In the second quarter of 2017, GDP had grown by 0.7% in both zones.
Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.5% in both the euro area and in the EU28 in the third quarter of 2017, after +2.3% and +2.4% respectively, in the previous quarter.
Flash estimate – October 2017 Euro Area annual inflation down to 1.4%
Euro area annual inflation is expected to be 1.4% in October 2017, down from 1.5% in September 2017, according to a flash estimate from Eurostat, the statistical office of the European Union.
Looking at the main components of euro area inflation, energy is expected to have the highest annual rate in October (3.0 %, compared with 3.9 % in September), followed by food, alcohol & tobacco (2.4 %, compared with 1.9 % in September), services (1.2 %, compared with 1.5 % in September) and non-energy industrial goods (0.4 %, compared with 0.5 % in September).
September 2017 Euro Area unemployment at 8.9% EU28 at 7.5%
The Euro Area (EA19) seasonally-adjusted unemployment rate was 8.9 % in September 2017, down from 9.0 % in August 2017 and from 9.9 % in September 2016. This is the lowest rate recorded in the euro area since January 2009. The EU28 unemployment rate was 7.5 % in September 2017, stable compared to August 2017 and down from 8.4 % in September 2016. This remains the lowest rate recorded in the EU28 since November 2008. These figures are published by Eurostat, the statistical office of the European Union.
Eurostat estimates that 18.446 million men and women in the EU28, of whom 14.513 million in the euro area, were unemployed in September 2017. Compared with August 2017, the number of persons unemployed decreased by 116000 in the EU28 and by 96000 in the euro area. Compared with September 2016, unemployment fell by 2.076 million in the EU28 and by 1.463 million in the Euro Area.
Among the Member States, the lowest unemployment rates in September 2017 were recorded in the Czech Republic (2.7%), Germany (3.6%) and Malta (4.1%). The highest unemployment rates were observed in Greece (21.0% in July 2017) and Spain (16.7%).
Compared with a year ago, the unemployment rate fell in all Member States for which data is comparable over time, except Finland where it remained stable and Lithuania where it increased (from 7.6% to 7.7%). The largest decreases were registered in Cyprus (from 13.0% to 10.3%), Spain (from 19.1% to 16.7%) and Greece (from 23.4% to 21.0% between July 2016 and July 2017).
In September 2017, the unemployment rate in the United States was 4.2%, down from 4.4% in August 2017 and from 4.9% in September 2016.
In September 2017, 3.735 million young persons (under 25) were unemployed in the EU28, of whom 2.656 million were in the euro area. Compared with September 2016, youth unemployment decreased by 396 000 in the EU28 and by 229 000 in the euro area. In September 2017, the youth unemployment rate was 16.6% in the EU28 and 18.7% in the euro area, compared with 18.3% and 20.4% respectively in September 2016. In September 2017, the lowest rate was observed in Germany (6.4%), while the highest were recorded in Greece (42.8% in July 2017), Spain (37.2%) and Italy (35.7%).