Europe's economy brushes off energy shock from Iran war, shows moderate growth in Q3
Katherine oversees editorial operations across all six brands. Before joining The Meridan Group, she spent 14 years at the Minneapolis Star Tribune, where she led the metro desk through its digital transformation. She holds a Master's in Journalism from Northwestern's Medill School.
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FRANKFURT, Germany (AP) — Europe's economy persevered with moderate growth in the third quarter despite higher oil prices from the U.S.-Iran war, as gross domestic product increased by 0.4% over the quarter before.The figure released Friday for the 21 European Union member countries that use the euro currency was better than the 0.2% expected by market analysts. Compared to the same quarter a year ago, the economy of the 21 countries using the euro grew by 1.3% in the July-September period, according to EU statistics agency Eurostat.The continued growth shows that “households and businesses have not pared back their spending due to the Iran war,” said Jack Allen-Reynolds, deputy chief eurozone economist at Capital Economics.“All in all, the eurozone economy remains resilient amid geopolitical turmoil and a worsening inflationary environment,” wrote Paolo Grignani, senior economist at Oxford Economics.That is despite “worrying signs” that higher oil prices are spreading to other sectors