Eurozone economy shrinks in third quarter, inflation falls further

Economic growth in the eurozone contracted in the third quarter, data showed Tuesday, hit by the European Central Bank's painful rate-hiking campaign and Germany's weakening economy, but inflation slowed in October. Consumer price inflation in the eurozone has slowed to 2.

The signs of weakness in the economy prompted the ECB to leave interest rates unchanged earlier this month. Photo: ANDRE PAIN / AFP/FileEconomic growth in the eurozone contracted in the third quarter, data showed Tuesday, hit by the European Central Bank's painful rate-hiking campaign and Germany's weakening

France, the EU's second biggest economic powerhouse, only grew by 0.1 percent, and Italy's economy stagnated in the third quarter, the data showed. The figure is down from 4.3 percent in September and lower than predicted by analysts who had expected inflation to remain above three percent.

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