The eurozone economy notched the sharpest recorded increase in the third quarter, soaring by 12.7 percent, after facing the largest drop in Q2 since 1995 when Eurostat began publishing these statistical data, EU statistics office preliminary data showed on Friday.

"These were by far the sharpest increases observed since time series started in 1995," Eurostat said.

Preliminary data showed that the eurozone average was mainly driven by France, Italy and Spain, which all marked quarterly growth between 16.1 percent and 18.2 percent.

In September, the eurozone's seasonally adjusted unemployment rate stood at 8.3 percent, stable over August and still higher than 7.5 percent during the same period last year, implying that 15.9 million people are out of work in the EU, 13.6 million of them in the eurozone.

A 4.3 percent year on year rise in unprocessed food prices was offset by energy prices plunging at 8.4 percent.

During the same period, the economic output of the European Union as a whole, including member states outside the single currency area, increased by 12.1 percent, but saw a 3.9 percent decrease year on year.

Export and investment as mainstay

Its largest economy, Germany, grew by 8.2 percent in the third quarter, partly recovering from its worst-ever recession caused by the COVID-19.

The biggest-ever rebound in Q3 was attributed to higher private consumption, rebounding investments in equipment and strong exports, the statistics office said.

Car companies and engineering associations have pointed to surprisingly strong demand from China in recent months, though preliminary data did not include a lot of details.

Meanwhile, the German government on Friday revised upwards its estimate for economic output this year, expecting a 5.5 percent shrink instead of a previous estimate for a 5.8 percent decline, and forecasting its GDP in the next year at a 4.4 percent increase.

While the economy minister Bruno Le Maire of Europe's second-biggest economy insisted that France would remain mired in recession, projecting a contraction of 11 percent of 2020, down from an earlier forecast of 10 percent.

The gross domestic product of France expanded by 18.2 percent in Q3 compared with the preceding three months, driven primarily by a jump of 17.3 percent in household spending, its national statistics office Insee calculated.

Meanwhile, investment rebounded sharply, and exports jumped by 23.3 percent quarter on quarter, data showed.

Europe is now in the grip of a second wave of the epidemic, with countries starting to reintroduce various forms of lockdown.