Euro zone economic growth slowed to 0.4% in the third quarter after a 0.6% rebound in the second quarter. The result exceeded the 0.2% expected by economists polled by Reuters, but France experienced an unexpected 0.1% contraction. Germany grew by just 0.2%, Italy was flat, and Spain expanded by 0.6%. The European Central Bank kept interest rates unchanged, saying the shock from higher energy prices had not yet fed into broader second-round effects. It nevertheless warned that downside risks to growth had increased, with elevated energy costs and structural challenges weighing on competitiveness and household confidence.
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