Eurostat corrects economic growth in the euro area upwards

The EU statistics office Eurostat has revised its economic growth estimate slightly upwards in the second quarter. The gross domestic product (GDP) in the euro area rose by 0.6 percent between April and June compared to the previous quarter, the authority said. The previous estimate was based on growth of 0.4 percent.

The upwardly revised economic output in the euro area exceeded that of the US economy. The US GDP rose by around 0.4 percent in the spring.

According to the information, Ireland in particular is responsible for the correction with strong growth. Economic output there increased by 10.2 percent. Irish GDP is heavily dependent on pharmaceutical exports and sometimes fluctuates significantly. In the first quarter, economic output there fell by 7.8 percent.

In addition to Ireland, Spain was also one of the fastest growing countries. The fourth largest economy in the euro zone achieved an increase of 0.7 percent, to which booming tourism contributed.

For Germany, EU statisticians expect growth of 0.3 percent. This corresponds to the estimates of the Federal Statistical Office. In Austria, however, economic output fell by 0.1 percent, while France and Belgium were unable to gain growth.