• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation

1

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

2

‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion

3

OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Eurozone

Who’da thunk it? The Eurozone actually grew in 3Q

By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
By
Geoffrey Smith
Geoffrey Smith
Down Arrow Button Icon
November 14, 2014, 6:44 AM ET
GREECE-EU-FINANCE-ECONOMY-DEMO
A pensioner collapses as he participates in a demonstration against the economy measures of the Greek government in central Athens on October 2, 2014. Greece's massive debt crisis nearly broke apart the eurozone. But after four years and a bailout worth up to 240 billion euros ($300 billion), Athens has largely repaired its finances and is eager to get free from the EU and IMF's tight budgetary and policy leash. AFP PHOTO / ARIS MESSINIS (Photo credit should read ARIS MESSINIS/AFP/Getty Images)Photograph by Aris Messinis — AFP/Getty Images
Add Fortune on Google for similar content.

The Eurozone hasn’t been a happy place this summer: France has sacked its government, Spain’s is engulfed in corruption scandals, Italy is still trying to escape a vortex of debt deflation–and Germany is so concerned about the Ukraine crisis that it can’t remember that things at home are actually pretty good.

So it’s something of a surprise to see Eurostat announcing on Friday that the 18-country currency bloc actually eked out growth of 0.2% in the third quarter, leaving it up 0.8% from a year ago.

That’s still a long way short of the U.S.’s annual rate of 2.3%, or the U.K.’s 3.0%, but it’s still not the recession that has seemed to be just round the corner all year.

The statistics show that only Italy out of the major European economies contracted (by 0.1%) during the summer, while France and Germany, which account for around a half of the bloc’s output between them, grew by 0.3% and 0.1%. France’s performance was admittedly not as strong as it seemed, given that 2Q data were revised down and the 3Q data depended on a boost in government spending that will be hard to keep up in the face of pressure from Brussels to cut its budget deficit.)

More eye-catching is the fact that Greece, Spain and Portugal, all of which took high-profile bailouts in the last four years, are all doing better than the Eurozone “core” these days: gross domestic product was up 1.6% on the year in Spain, 1.4% in Greece and 1.0% in Portugal. Ireland, the other major bailout recipient didn’t report figures Friday but has been the strongest growing economy in the Eurozone for both of the previous two quarters and is expected to stay that way.

The EU's 3Q growth map. Source: Berenberg Bank
The EU’s 3Q growth map. Source: Berenberg Bank

The other eye-catching part of the numbers is that countries in central and eastern Europe are still among the fastest growing in the E.U., despite the widespread perception that they are more exposed to the fallout from Ukraine than countries further west. Romania’s economy grew 1.9% in the quarter, Hungary and Bulgaria added 0.5% each (the latter despite a banking crisis) and Poland gained 0.9% even though it was the biggest victim of Russia’s embargo on imports of E.U. fruit and vegetables.

The figures don’t at first sight appear weak enough to push the European Central Bank into another big move to stimulate the economy. The E.C.B. still expects a modest recovery next year, although it warned again Thursday that the risks to that forecast are biased to the downside, thanks largely to the poisonous effect of the Ukraine conflict on confidence.

But that doesn’t mean the E.C.B. has ruled out easing further. Christian Noyer, the Governor of the Bank of France, said in an interview with the French newspaper Les Echos Friday that “if we see that our current policy isn’t having an effect any more…I don’t see any problem with the E.C.B. buying other assets and, if necessary, government bonds.”

Financial markets were underwhelmed with the figures, sending the euro down 0.2% against the dollar, and the EuroStoxx 600 index down 0.3%.

About the Author
By Geoffrey Smith
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in International

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • TikTok icon
  • YouTube icon

Most Popular

Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
Success
Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock
By Sasha RogelbergJuly 20, 2026
1 day ago
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
Success
‘I want to die broke’: Billionaire philanthropist Denny Sanford dies after giving away $4 billion
By Sydney LakeJuly 20, 2026
2 days ago
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
Cybersecurity
OpenAI says its AI models secretly broke out of a secure test environment and hacked into AI company Hugging Face in order to cheat on an evaluation
By Jeremy Kahn and Emily ForliniJuly 21, 2026
6 hours ago
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
AI
'Dr. Doom' Nouriel Roubini says we're headed for universal basic income or 'some form of socialism' as AI revolutionizes work—He calls that optimistic
By Jason MaJuly 18, 2026
3 days ago
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
AI
Mathematicians grapple with a ‘very rapid and very unsettling change’ as AI cracks yet another century-old problem
By Eva RoytburgJuly 21, 2026
10 hours ago
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
Success
Despite a $156 million contract, Knicks star Jalen Brunson still calls his parents for financial advice any time he makes a big purchase
By Emma BurleighJuly 21, 2026
11 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.