Europe’s economy brushes off energy shock from Iran war, shows moderate growth in Q3

Europe’s economy persevered with moderate growth in the third quarter despite higher oil prices from the US-Iran war, as gross domestic product increased by 0.4 per cent over the quarter before. The figure released on Friday for the 21 European Union member countries that use the euro currency was better than the 0.2 per cent expected by market analysts. Compared to the same quarter a year ago, the economy of the 21 countries using the euro grew by 1.3 per cent in the July-September period, according to EU statistics agency Eurostat.