The economic growth accelerated to 3.4% in the third quarter from 2.2% in the second quarter. The seasonally adjusted quarterly growth was measured at 1.7% which is the highest rate since the beginning of 2011 and most likely also the highest growth in the euro area.
The growth was similarly to previous quarters supported the most by domestic demand, especially investment activity. The export-dependent manufacturing sector, however, has been contributing negatively to the growth this whole year.
As the third quarter growth was much higher than expected, the overall growth for this year will most likely be higher than our current forecast of 2.6% and close to our summer forecast of 3%.
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