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If you go to the raw data at Eurostat, you'll find the following GDP values in constant (2015) prices for the EU, in MM of Euros:

4Q2019: 3,332,865.8
1Q2020: 3,223,393.1
2Q2020: 2,854,943.6
3Q2020: 3,199,906.6

Thus, the % change from 2Q to 3Q is actually 12.08%...maybe someone moved a decimal point somewhere. That's not an annualized number, it's a straight QoQ percentage change. And yes, it is more than the 7.4% QoQ rate the US produced in 3Q2020 vs 2Q2020.

However, in the 2nd quarter, the US economy fell 9% QoQ vs the 11.4% QoQ drop in the EU. So, if the EU fell more than the US, the stronger bound back isn't that surprising.

What is more important, to a large extent, is the output relative to 4Q2019, i.e., pre-COVID19. On that metric, the EU is at 96.01% of pre-virus output. So, they're getting back, but they're still below where they used to be.

In contrast, if you look at the US raw data from the BLS, you'll find that the 3Q2020 real US GDP of $18,584.0bn was 96.52% of the 4Q2019 real US GDP of $19,254.0.

So, the US is about 50 basis points stronger in the return to normalcy game vs the EU. So we got that going for us, which is nice.