Eurostat released its second estimate for the European Union and the Eurozone’s economic performance for the third quarter of 2015, in which Greece’s downturn stands out.
While the Eurozone grew by 0.3% from the second quarter of 2015, and the European Union‘s 28 economies expanded by 0.4% in the same period, the Greek economy shrank by 0.9%. The difference is even more drastic in the year to year GDP changes, as the Eurozone developed at a 1.6% rate, the EU at an even higher 1.9% rate, while Greece lost 1.1% of its GDP from last year’s third quarter.
Denmark, Finland and Estonia were the only other European Union countries with a negative economic quarterly performance, recording a 0.2%, 0.5% and 0.5% decline respectively. In the year to year performance only Finland’s GDP fell by 0.2%.
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