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The latest Eurostat estimates of gross domestic product and employment show that the eurozone economy expanded by 0.4 per cent between July and September, following growth of 0.6 per cent in the preceding quarter. Across the European Union, economic growth declined from 0.7 per cent to 0.5 per cent. The United States recorded quarterly growth of 0.8 per cent, twice the eurozone rate. The figures suggest that Europe has avoided an immediate economic contraction despite renewed external pressures. However, the combination of weaker growth and stagnant employment raises questions about the durability of the recovery. Eurozone economic output was 1.3 per cent higher than a year earlier, while the EU recorded annual growth of 1.5 per cent.
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