Growth in the eurozone was 0.2% in the third quarter. But which country contributed the most to this increase in European GDP? This is France, which alone is responsible for half of the eurozone’s growth, with a contribution of 0.1%.
The second largest contributor is Spain with 0.07%, followed by the Netherlands with 0.03%, according to calculations by IESEG economist Éric Dor, based on Eurostat data.
France and Spain drive European growth
In fact, France experienced above-expected growth in the third quarter. French GDP increased by 0.5% compared to the previous three months, driven by exports. A result higher than the INSEE forecasts, which forecast a growth of 0.3% in the third quarter, the same as in the second quarter, after +0.1% in the first quarter.
INSEE expects growth of 0.8% by 2025, but not everything is rosy. According to the institute, the economy is resisting “because some branches keep activity afloat (tourism, real estate market, aeronautics, agriculture).” But otherwise, a series of worrying signs have been identified: investment is reactivating a little more slowly than in other places and, above all, consumption is not recovering despite low inflation.
Spain, for its part, has benefited from exceptional dynamics for several years with a particularly high growth rate. In 2024, GDP growth reached 3.5% (compared to France’s 1.2%), making the country the fastest-growing advanced economy in the world that year. In 2025, the Spanish government again forecasts dynamic growth of 2.7% (compared to a forecast of 0.8% in France).
Ireland, main contributor to growth in one year
On the other hand, when we look at growth over the course of a year (not just the third quarter), the results are different. The increase in GDP was 1.35% during the year in the euro area. And Ireland contributed the most, with 0.46%, followed by Spain with 0.30% and France with 0.18%. These three countries are responsible for two-thirds of the euro area’s annual growth. They are followed by the Netherlands (0.1%), Germany (0.08%) and Italy (0.05).
So why did Ireland overtake France when it comes to annual contribution? This is because the two countries have not followed the same growth trajectory. Irish GDP rose sharply in late 2024 and early 2025 before momentum calmed. For France, it is the opposite: growth was almost zero, before increasing again in the third quarter of 2025.
Germany, once considered the locomotive of Europe, is bearing the brunt of a recession from which it is struggling to emerge. The German economy narrowly escaped recession in the third quarter, and GDP stagnated after a decline in the previous quarter, after two consecutive years of decline.
Source: BFM TV
