Euro-area economy up 0.3% in Q3 on consumption

Madrid

EURO-AREA growth in the third quarter was bolstered by private consumption and government spending as exports suffered from a slowdown in global trade.

Gross domestic product in the 19-nation bloc rose 0.3 per cent in the three months through September after expanding 0.4 per cent in the prior quarter, the European Union's statistics office said on Tuesday in Luxembourg, confirming a Nov 13 estimate.

The data comes less than a week after the European Central Bank cut one of its main interest rates to a record low and expanded its asset-purchase programme to at least 1.5 trillion euros (S$2.3 trillion) to shore up the region's muted economic recovery and bring inflation closer towards 2 per cent. While domestic spending is benef…