The eurozone grew much less than expected in the third quarter and economic confidence continued to fall, official estimates showed on Tuesday, as signs of distress became more evident in Italy, the bloc's third biggest economy.
The European statistics office Eurostat said economic growth in the 19 countries sharing the euro slowed to 0.2 per cent in the third quarter against the previous three months, after a 0.4 per cent expansion in the second quarter.
Year-on-year eurozone growth slowed to 1.7 per cent from 2.2 per cent in the second quarter. Economists polled by Reuters had expected a 0.4 per cent quarterly expansion and a 1.8 per cent year-on-year rise.
Eurostat does not provide national data in its flash estimates, but figures released earlier on Tuesday by the Italian statistics agency showed Italy's growth had halted in the third quarter amid a row with the EU over the country's budget for next year.
In a separate release, the European Commission said on Tuesday economic sentiment dropped in the eurozone for the tenth consecutive month, and by more than expected by economists.
The indicator, that shows managers and consumers' morale, fell to 109.8 points in October from 110.9 in September in its biggest dip since March.
Although it remains above the long-term average, the indicator has been falling since the beginning of the year after having risen steadily in 2017, Reuters said.
In October the largest fall was recorded in retail services as managers held "much grimmer views on the present and expected business situation", the commission said and the indicator of selling price expectations dropped.
Confidence in industry and services also went down, while consumer sentiment grew slightly on improved savings expectations.
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Read more:
Italy and the EU at loggerheads over budget deficit
ECB may hike interest rates in about 12 months
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Temporary factors may have had some part to play in the third-quarter underperformance. German output was dampened by car makers’ failure to adapt to new emissions tests and a slowdown in construction, and the Bundesbank has said the growth break “shouldn’t be long-lasting”. Kuka cut its revenue forecast on Monday, citing a slowdown in the automotive industry as well as uncertainty in China, according to Bloomberg.
Italy’s economy also stalled in the third quarter on weakness in the industrial sector, prompting Banque Pictet’s Frederik Ducrozet to say there’s “material risk” of a triple-dip recession. In France, growth accelerated, rebounding from a sluggish first half, though it fell short of the median estimate.
Industrial confidence in the eurozone fell the most since March as companies’ assessment order books deteriorated. Sentiment in services was damped, among other things, by expectations for demand.
More hints on the region’s economic health will come Wednesday, when reports are set to show a steady unemployment rate and a rise in inflation. Faster price growth, especially in the measure that strips out temporary factors, would confirm the ECB’s claim that the bloc is strong enough to withstand a gradual withdrawal of monetary support.
Outside the eurozone, Britain recorded a slight increase of economic sentiment, driven up by more optimism in retail trade and services which more than offset a fall in industry confidence.
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Company profile
Name: Tharb
Started: December 2016
Founder: Eisa Alsubousi
Based: Abu Dhabi
Sector: Luxury leather goods
Initial investment: Dh150,000 from personal savings
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Company%20Profile
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The specs
Engine: 6.2-litre supercharged V8
Power: 712hp at 6,100rpm
Torque: 881Nm at 4,800rpm
Transmission: 8-speed auto
Fuel consumption: 19.6 l/100km
Price: Dh380,000
On sale: now
Hili 2: Unesco World Heritage site
The site is part of the Hili archaeological park in Al Ain. Excavations there have proved the existence of the earliest known agricultural communities in modern-day UAE. Some date to the Bronze Age but Hili 2 is an Iron Age site. The Iron Age witnessed the development of the falaj, a network of channels that funnelled water from natural springs in the area. Wells allowed settlements to be established, but falaj meant they could grow and thrive. Unesco, the UN's cultural body, awarded Al Ain's sites - including Hili 2 - world heritage status in 2011. Now the most recent dig at the site has revealed even more about the skilled people that lived and worked there.
SPECS
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The%20specs
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COMPANY%20PROFILE
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The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Company%20Profile
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Indika
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FIXTURES
Thu Mar 15 – West Indies v Afghanistan, UAE v Scotland
Fri Mar 16 – Ireland v Zimbabwe
Sun Mar 18 – Ireland v Scotland
Mon Mar 19 – West Indies v Zimbabwe
Tue Mar 20 – UAE v Afghanistan
Wed Mar 21 – West Indies v Scotland
Thu Mar 22 – UAE v Zimbabwe
Fri Mar 23 – Ireland v Afghanistan
The top two teams qualify for the World Cup
Classification matches
The top-placed side out of Papua New Guinea, Hong Kong or Nepal will be granted one-day international status. UAE and Scotland have already won ODI status, having qualified for the Super Six.
Thu Mar 15 – Netherlands v Hong Kong, PNG v Nepal
Sat Mar 17 – 7th-8th place playoff, 9th-10th place play-off
Company%20Profile
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million