Irish economy fastest-growing in euro zone, data confirms

Euro zone gross domestic product (GDP) grew by slightly more than initially estimated, data from the European statistics agency Eurostat showed on Wednesday, with household spending and business investment propping up the economy. The Irish economy grew the most out of any euro zone member states.

Eurostat said GDP growth in the third quarter was 0.3 per cent in the 19-country euro area in the July-September period from the previous quarter and 2.3 per cent year-on-year, above its flash estimates of 0.2 per cent and 2.1 per cent published in mid-November.

Household spending added 0.4 percentage points to euro zone growth and gross fixed capital formation 0.8 points. The contribution from government expenditure was negligible, while trade was a net negative of 1.1 percentage points.

The strongest growth, of 2.3 per cent, was recorded in the Republic, with Malta and Cyprus both expanding at 1.3 per cent. The steepest declines were in Estonia, Latvia and Slovenia.