Indicating that the pace of growth is yet to pick up, the 16-nation euro zone economy grew by just 0.3 per cent in the September quarter of 2010. This is a much lower than the expansion rate seen in the previous three months.The euro area — comprising 16 countries that share the common currency euro — had recorded healthy economic growth of 1 per cent in the June quarter last year.Meanwhile, another set of data released today showed the jobless rate in the euro zone stood at 10.1 per cent in November, 2010.Eurostat, the statistical agency of the European Union (EU), said, during the same period, the 27-nation EU economy grew at a slightly higher rate of 0.5 per cent.The fall in economic growth was mainly on account of lower consumer spending.Europe is witnessing a fragile recovery and in recent months, many nations in the region — such as Greece and Ireland — were bogged down by a severe debt crisis.
News On AIR | January 7, 2011 6:44 PM
Euro zone growth down to 0.3% in September quarter of 2010