GDP = gross domestic product in 19 euro area countries such as Germany and France from July to September increased by 2.2% from the previous three months, marking the second consecutive quarter of positive growth.
The EU-European Union Statistics Bureau announced on the 29th that the growth rate of GDP in the euro area from July to September increased by 2.2% compared to the previous three months.
This was the second consecutive quarter of high growth, following the previous quarter from April to June, when economic activity resumed for the first time in three quarters.
The annualized growth rate was + 9.1%.
In Europe, the spread of vaccines has led to a strong recovery in personal consumption, while the shortage of raw materials and soaring energy prices due to the disruption of the global supply chain have put a brake on corporate activities.
Especially in Germany, which is the driving force of the economy, the shortage of semiconductors has had a wide impact on the manufacturing industry, such as a decrease in automobile production.
The EU says Eurozone GDP will recover to pre-infection levels by the end of the year, but continued supply chain turmoil and rising energy prices will further increase prices and slow economic recovery. There is also a cautious view that it could be possible.