Economic activity performed well during the third quarter of 2022; Gross domestic product posted a seasonally expanding 0.5% on a quarterly basis, according to a preliminary release. The result, which beat expectations of a 0.5% contraction, came in just short of the previous quarter’s growth of 0.9%. The reading came in above the Eurozone’s quarterly expansion of 0.2%. Meanwhile, growth eased slightly to 3.6% year-over-year, compared to an increase of 3.9% in the second quarter.
While detailed information is not yet available, the quarterly growth rate was mainly driven by continued improvements in the manufacturing and service sectors. Other economic sectors remained largely unchanged, constraining overall growth. Finally, the Employment Index posted a marginal gain of 0.1%, which may provide some support to spending amid rising price pressures.
A more comprehensive version will be published on November 30th.
FocusEconomics Consensus forecast committee members see the economy expanding 0.6% in 2023, down 0.4 percentage points from the previous month’s forecast, and 1.9% in 2024.