Eurozone's Q3 GDP up 12.7 %

The 19-member eurozone's seasonally adjusted gross domestic product (GDP) increase by 12.7 percent and that of the whole European Union (EU) by 12.1 percent in the third quarter (Q3) of 2020, compared to the previous quarter, according to a preliminary flash estimate released by Eurostat, the EU's statistical office, on Friday, reported Xinhua.

The increases were by far the sharpest recorded since the time series started in 1995, said Eurostat. The rebound followed a drastic slowdown in the second quarter, when GDP decreased by 11.8 percent in the eurozone and by 11.4 percent in the EU.

However, year-on-year growth remained negative, with a decrease of 4.3 percent for the eurozone and 3.9 percent for the EU.

France's GDP increased by 18.2 percent in Q3 compared to the previous one -- the highest growth among the EU member states for which data were available -- followed by Spain and Italy with a 16.7 percent and 16.1 percent increase, respectively.

Economic growth started to decrease below average level in the EU in the first quarter, when the COVID-19 pandemic first hit the continent, and then plummeted in the second quarter, when hard lockdowns were implemented. The containment measures were partially lifted across the 27-member bloc in the summer.

The world's major economies have shown similar trends. The United States registered a quarterly growth rate of 7.4 percent in Q3, following a record decline amid COVID-19 shutdowns, the U.S. Department of Commerce reported on Thursday. Despite the seemingly fast rebound, the U.S. economy was still down 2.9 percent in Q3 year-on-year.

China's GDP expanded 4.9 percent in Q3 year-on-year, up from 3.2 percent in Q2 and minus 6.8 percent in Q1. China's GDP growth outlook for the whole of 2020 has been revised from one percent up to a growth of 1.9 percent due to a faster-than-expected rebound in Q2, according to a regional economic outlook report issued by the International Monetary Fund last week.