Eurozone economy records slight expansion with Austria taking lead: Economic wrap

Eurozone economy records slight expansion with Austria taking lead: Economic wrap
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Updated 16 November 2021

Eurozone economy records slight expansion with Austria taking lead: Economic wrap

Eurozone economy records slight expansion with Austria taking lead: Economic wrap

RIYADH: The eurozone’s economy recorded a quarterly expansion of 2.2 percent, little unchanged from previous quarter’s growth of 2.1 percent, according to estimates by Eurostat.
Countries that experienced the highest growth rates were Austria, France and Portugal as their gross domestic products rose by 3.3, 3 and 2.9 percent respectively.

Meanwhile, Germany’s economy grew by 1.8 percent while Italy’s jumped by 2.6 percent.

On an annual basis, the eurozone’s growth rate was 3.7 percent in this year’s third quarter.

 

US industrial production 

Industrial production in the US went up by a yearly rate of 5.1 percent in October up from 4.6 percent in the prior month, according to the Federal Reserve. 

On a monthly basis, industrial production in the country grew by 1.6 percent in October following the previous month’s decline of 1.3 percent. 

Both manufacturing and utilities output increased by 1.2 percent while mining production was 4.1 percent higher compared to last year.

Meanwhile, growth in the US monthly retail sales reached its highest level since March, standing at 1.7 percent in October, greater than the previous month’s level of 0.8 percent, the US Census Bureau said. 

This was attributed to consumers’ expenditure on early holiday shopping. 

Italy’s Inflation

Italy's yearly inflation rate rose to 3 percent in October up from 2.5 percent in September, according to the country’s National Institute of Statistics. 

This is the highest rate since September 2012 and was driven by rising energy prices as it surged by an annual rate of 24.9 percent. Particularly, prices of regulated energy products went up by 42.3 percent. 

Moreover, costs of transportation services increased by 2.4 percent. 

In addition, the monthly inflation rate reached 0.7 percent in October compared to a deflation of 0.2 percent in October.

Jordan’s consumer prices

Jordan’s annual inflation rate eased to 1.61 percent in October down from 1.84 percent in September, the country’s official statistics agency said.

This was mainly due to 0.96 percent rise in transportation costs and 0.41 percent increase in the prices of meat and poultry.

On monthly terms, consumer prices rose by 0.06 percent in October, down from 0.18 percent in the previous month.