BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The euro area economy expanded at a slower pace in the third quarter but exceeded expectations, preliminary flash estimate from Eurostat showed Friday.
Gross domestic product grew 0.4 percent quarter-on-quarter, decelerating from the second quarter's 0.6 percent expansion. However, the rate surpassed economists' forecast of 0.2 percent.
On a yearly basis, economic growth improved to 1.3 percent from 1.2 percent in the preceding period. GDP was forecast to grow 1.1 percent.
The EU economy grew 0.5 percent sequentially with annual growth reaching 1.5 percent.
Among the member states of EU, Ireland registered the biggest quarterly growth, followed by Estonia, Spain and Netherlands. Meanwhile, declines were recorded in Lithuania and France.
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