The 16 countries that share the euro saw growth for the third quarter revised lower from the initial estimate while unemployment was unchanged at a record high, according to Financial Times. The European Union reported on Friday that gross domestic product in the eurozone added 0.3% in the third quarter rather than the 0.4% growth reported initially, moving the figure further below the 1% growth recorded in the three months to June.
Meanwhile, the unemployment rate in the eurozone remained at 10.1% in November, which is the highest level since the eurozone was created in 1999 and the ninth month in a row that the unemployment rate has been at least 10%. The data showed continued divergence between leading and peripheral economies, with the German economy adding 0.7% while Spain was flat, and Germany posting 6.7% unemployment compared to 20.6% in Spain. The Daily Telegraph adds that Howard Archer of IHS Global Insight expects “significant headwinds” in 2011 as austerity measures and debt woes continue to burden the region’s economy.
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