Euro area GDP picks up slightly in third quarter

The euro area's economy accelerated a tad over the three months to September amid stronger growth in Germany, Italy and Portugal.

Gross domestic product in the single currency bloc expanded at a 2.5% pace year-on-year, versus 2.3% over the prior three months, according to Eurostat.

Meanwhile, in terms of quarter-on-quarter rate of change GDP expanded at a 0.6% clip, as expected by economists.

Among the bloc's biggest economies, Germany did best, racing ahead at a quarterly clip of 0.8%, up from 0.6% over the prior three-month stretch, while in Italy and Portugal growth accelerated from 0.3% to 0.5%.

French GDP growth on the other hand ticked lower, from 0.6% in the second quarter to 0.5% for the third, although in year-on-year terms the expansion quickened from 1.8% to 2.2%.

Meanwhile, in Spain GDP growth was unchanged at 3.1% on the year - despite the political upheavals in Catalonia - and Portugal it slowed from 3.0% to 2.5%.

By way of comparison, British GDP grew by 0.4% over the third quarter, up from 0.3% in the three months to June, and in the US growth clocked in at 0.7% on the quarter, down from 0.8% for the three months to June.

Commenting on the Italian figures, UniCredit's Dr. Loredana Federico said the Mediterranean country had benefited "greatly" from the acceleration in world trade, although private consumption and fixed investment likely also made positive contributions.

Eurostat did not provide a detailed breakdown of the figures by categories for expenditure.