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Euro zone Q3 GDP confirmed at 0.2% q/q, employment up as well

FILE PHOTO: Construction workers are silhouetted while standing on scaffolding at the construction site of the new headquarters of the ECB during a guided media tour in Frankfurt

BRUSSELS (Reuters) - Euro zone gross domestic product grew by 0.2% quarter-on-quarter in the July-September period for a 2.1% year-on-year increase, Eurostat confirmed on Tuesday, while employment in the single currency area also rose.

The European Union's statistics office (Eurostat)already estimated third quarter growth at 0.2% on Oct 31.

Eurostat said employment in the 19 countries sharing the euro also increased by 0.2% quarter-on-quarter in the third quarter for a 1.7% year-on-year rise.

The European Commission expects the economy to shrink in the fourth quarter of 2022 and in the first three months of 2023 because of surging energy prices and rising interest rates which undermine spending and borrowing power and confidence.

(Reporting by Jan Strupczewski; editing by Philip Blenkinsop)