The eurozone economy expanded at a slower pace in the third quarter but exceeded expectations, a preliminary flash estimate from Eurostat, the European Union's statistics office, showed on Friday. Gross domestic product (GDP) grew 0.4% quarter-on-quarter, decelerating from the second quarter's 0.6% expansion. However, the rate surpassed economists' forecast of 0.2%. On a yearly basis, economic growth improved to 1.3% from 1.2% in the preceding period. GDP was forecast to grow 1.1%. The EU economy grew 0.5% sequentially with annual growth reaching 1.5%. Among the member states of the European Union, Ireland registered the biggest quarterly growth, followed by Estonia, Spain and the Netherlands.
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