Eurozone GDP rose 1.2 percent in the second quarter
Eurostat presented updated data on economic growth in the eurozone and European Union countries
Quick Look
- Eurozone GDP grew by 1.2% year on year in the second quarter, exceeding initial forecasts.
- The growth leaders were Ireland, Slovenia and Lithuania, while Iceland and Austria recorded a decrease in indicators.
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Why It Matters
Eurostat publishes updated data on economic indicators of EU countries based on quarterly reporting.
According to the results of the second quarter, the GDP of the eurozone countries grew by 1.2 percent in annual terms and by 0.6 percent in quarterly terms. RIA Novosti reports this with reference to updated data from the European statistical agency Eurostat.
Early estimates suggested annual growth of one percent and quarterly growth of 0.4 percent, meaning the bottom line improved. In the first quarter, the euro area economies grew by 0.6 percent year-on-year and remained unchanged quarter-on-quarter.
The first estimate of GDP growth for all 27 EU countries showed growth of 1.4 percent in the second quarter in annual terms and 0.7 percent in quarterly terms.
The best quarterly dynamics are shown by Ireland (plus 10.2 percent), Slovenia (plus 1.8 percent) and Lithuania (plus 1.7 percent). The worst situation was in Iceland (minus three percent) and Austria (minus 0.1 percent).
Open Questions
- What factors led to Ireland's GDP growth of 10.2%?
