In publishing the quarterly National Accounts for the 3rd quarter of 2025, Eurostat has left its estimate of growth for both the EU (+0.4%) and the Euro-zone (+0.3%) unchanged from the previous data release. The comparisons with a year earlier were also unrevised at +1.6% for the EU and +1.4% in the Euro-zone. Although growth picked up slightly compared to the 2nd quarter, the annualized rate slowed marginally.
The report notes that growth in the United States was +1.1% on a quarter-on-quarter basis and up by +2.3% compared to Q3-24.
Only 4 of the 27 EU Member States recorded a quarter-on-quarter decline in GDP; these were Finland (-0.3%), Ireland (also -0.3% but this is notoriously volatile given the influence of multi-national company headquarters located there), Romania (-0.2%) and Lithuania (-0.1%). Only Finland is in a recession having also registered a fall in GDP in the 2nd quarter (-0.3%); this had followed a flat trend in the 1st period of 2025 and a reduction of -0.1% at the end of 2024. Germany and Italy had also seen a fall in GDP in Q2-2025 but avoided the recession tag by seeing no change and growth of +0.1% respectively in the 3rd quarter.
Looking back over 4 quarters – effectively an annualized growth rate – only Finland reported a fall in GDP. The strongest growth was in Ireland at +10.9% – see the note above about distortions in their data – followed by +4.0% in Denmark.
You can get the Eurostat figures from their website at https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Quarterly_national_accounts_-_GDP_and_employment or request it from MTA.