Eurozone GDP up 0.2 percent in Q2

Eurostat, the statistical office of the European Union (EU) reported its final estimates showed that Eurozone GDP grew by 0.2 percent q-o-q in the second quarter, unchanged from the previous estimates. In the first quarter, the GDP rose by 0.4 percent q-o-q.

In y-o-y terms, Eurozone’s economy expanded by 1.2 percent in the second quarter compared to +1.1 percent in the previous estimate and +1.2 percent in the prior three-month period.

Economists had forecast that both final quarterly and annual rates of the GDP growth would be left unrevised.

According to the report, household final consumption expenditure in the euro area rose by 0.2 percent q-o-q, while gross fixed capital formation increased by 0.5 percent q-o-q. Exports were flat q-o-q and imports increased by 0.2 percent q-o-q.

Among the bloc’s largest economies, the United Kingdom (-0.2 percent), Germany (-0.1 percent) and Sweden (-0.1 percent) posted declines, while Italy stagnated.

The report also revealed that employment in Eurozone increased by 0.2 percent q-o-q in the second quarter and 1.2 percent y-o-y. In the first quarter, the number of persons employed rose 0.3 percent q-o-q and 1.3 percent y-o-y.