Euro Area GDP Unrevised at 0.2%; German Factory Orders Jump 5.2%

Arthi Gupta
06 Dec, 2011
New York City

The euro area economy expanded an unrevised 0.2% in the third quarter. Germany''s factory orders soared and Czech retail sales improved in October. Switzerland''s consumer prices declined in November.

[R]1:40 PM Frankfurt – The euro area economy expanded an unrevised 0.2% in the third quarter. Germany''s factory orders soared and Czech retail sales improved in October. Switzerland''s consumer prices declined in November.[/R]

Euro-zone GDP Expands

The euro area gross domestic product increased 0.2% sequentially, in line with the initial estimate and matched the expansion in the second quarter, latest data published by Eurostat confirmed today.

On an annual basis, economic growth was at 1.4% in the third quarter compared to 1.7% in the second quarter. The statistics office confirmed the third quarter growth data published on November 15.

The EU27 economy expanded 0.3% in the third quarter, faster than the 0.2% rise in the second quarter. Annual growth eased to 1.4% in the third quarter from 1.7% in the second quarter.

German Factory Orders Soar

Germany''s factory orders soared 5.2% in October reversing the 4.6% fall logged in September, the Federal Ministry of Economy and Technology reported today.

Annually, orders grew by a working day adjusted 5.4% in October, faster than the 2.2% growth in September.

Separately, the seasonally adjusted purchasing managers'' index for the German construction sector was at 49.9 in November compared to the reading of 47.3 in October, data from a survey by Markit Economics showed.

Sweden Service Output Up

Swedish service production grew by working day adjusted 2.9% in October from a year ago, driven by wholesale trade and telecommunications, Statistics Sweden said on Tuesday.

Wholesale trade increased 6.1% and telecommunications increased 13.8% in volume and working day adjusted figures compared to the same period last year.

Swiss Consumer Prices Drop

Switzerland''s consumer prices declined 0.5% from a year ago in November, following a 0.1% drop in October, the Federal Statistics Office said.

On a monthly basis, the consumer price index dipped 0.2% in November.

Food and non-alcoholic beverages slumped 4.6% annually and clothing and footwear cost slipped 4.2% in November.

Czech Retail Sales Improves

Czech retail sales increased 1.5% from a year ago in October, following a flat reading in September, the Czech Statistics Office said.

The annual increase of sales was contributed by sale of motor vehicles and motorcycles and non-food goods.

Norwegian Sentiment Deteriorates

Norwegian consumer confidence deteriorated in the fourth quarter, data released by the Finance Norway and survey group TNS Gallup showed.

The sentiment index dropped to 9.7 in the fourth quarter from 18.6 in the third quarter. The reading for the third quarter was revised down from 22.8.