Eurozone Final Q3 GDP Remains Unchanged, but All Other Components Tick Lower
The final reading of the Eurozone Q3 GDP came as expected, but it is not as it seems, it's worse.
The final Eurozone GDP report for Q3 2018 was released a while ago and, at first glance, it looked alright. The headline number for the final Q3 GDP reading came as expected at 0.2%, but all the other sub-components of this report were lower than expected and lower than the previous reading. Let’s just list the numbers below:
| Actual | Expected | Previous |
| Eurozone Final Q3 GDP | 0.2% | 0.2% | 0.2% |
| Eurozone Final 2018 GDP | 1.6% | 1.7% | 1.7% |
| Household Consumption Q3 | 0.1% | 0.2% | 0.2% |
| Government Expenditure Q3 | 0.2% | 0.3% | 0.4% |
Even the final Q3 GDP is not as good as it looks. It is unchanged at 0.2% from the first estimate, but it is down from the Q2 GDP. In Q2, the Eurozone GDP grew by 0.4%, while in Q3 growth slowed to just 0.2%. The final GDP for the entire year also ticked lower to 1.6% from 1.7% previously.
Growth in household consumption was also slashed in half at 0.1% from 0.2% in the prelim reading, so it is almost flat. Government expenditure also declined to 0.2% from 0.4% in the first reading, so everything is lower than previously. EUR/USD lost around 15 pips on this report, but has left this report behind already.
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