Eurozone Economy Grows 0.3% in Q3

The eurozone economy expanded more than previously expected in the third quarter, although the recession caused by the continent's energy crisis is likely to begin.

Gross domestic product rose 0.3% in the three months ending in September, up slightly from a preliminary estimate of 0.2%, according to data released Wednesday by Eurostat. This superiority comes after the growth of Germany's economy, the largest in the single currency bloc, which includes 19 countries.

Eurozone inflation hits an all-time high while recession fears mount

Fixed capital investment has improved the performance of the region's economy, as well as the contribution of household consumption. Net exports were negative, which affected output in general.

While the numbers show that the sharp rise in natural gas costs resulting from the Russian war in Ukraine has not derailed growth so far; it is likely that the eurozone will witness a contraction in the current quarter and at the beginning of 2023. 

Despite the deteriorating expectations; the European Central Bank (ECB) raises interest rates and believes that any recession will be moderate.