EU sees higher growth, low unemployment in Oct

The third-quarter seasonally adjusted GDP in the euro area and the EU28 rose by 0.6 percent, as their seasonally-adjusted unemployment rate hit historical low in October, the statistical office of the European Union (EU) Eurostat said Tuesday.

Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 2.5 percent in both the euro area and the EU28 in the third quarter, with a 2.3-percentage and 2.4-percentage rise respectively in the previous quarter, said the Eurostat in a preliminary flash estimate.

Meanwhile, the euro area seasonally-adjusted unemployment rate stood at 8.9 percent in September, down from 9.0 percent in August 2017 and from 9.9 percent in September 2016, marking the lowest rate recorded in the euro area since January 2009.

For the EU28, the unemployment rate was 7.5 percent in September 2017, stable compared to August 2017 and down from 8.4 percent in September 2016, which remains the lowest rate recorded in the EU28 since November 2008.

On year-on-year base, unemployment fell by 2.076 million in the EU28 and by 1.463 million in the euro area.

Among the member states, the lowest unemployment rates in September 2017 were recorded in the Czech Republic (2.7 percent), Germany (3.6 percent) and Malta (4.1 percent).

The highest unemployment rates were observed in Greece (21.0 percent in July 2017) and Spain (16.7 percent).

Euro area annual inflation is expected to be 1.4 percent in this October, down from 1.5 percent in September 2017, said the statistical body.