On August 14, the European statistics service had initially estimated the year-on-year GDP growth for the eurozone at 1.4% and for the EU at 1.5%.
However, the year-on-year increase recorded in the second quarter was still lower than that observed between January and March, when GDP rose by 1.6% in the eurozone and 1.7% in the EU.
According to the European statistical service, in a comparison with the first quarter of the year, the eurozone economy grew by 0.1% from April to June, while the EU’s economy grew by 0.2%, with the main European economy, Germany, experiencing a 0.3% decline.
In the first three months of the year, compared to the previous quarter, GDP had increased by 0.5% and 0.6%, respectively.
According to Eurostat, Ireland’s economy saw the most significant year-on-year growth (18.0%), followed by Bulgaria (3.4%) and Cyprus (3.3%), with Luxembourg recording the only decline (-0.2%).
Compared to the previous quarter, Denmark (1.3%) recorded the highest GDP increase, followed by Croatia and Romania (1.2% each) and Bulgaria (0.9%).
The economies that contracted were Finland (-0.4%), Germany (-0.3%), and Italy (-0.1%).
In Portugal, GDP increased by 1.9% year-on-year and 0.6% quarter-on-quarter in the second quarter of the year.
In the same bulletin, Eurostat reports that employment in the eurozone grew by 0.6% year-on-year and 0.1% quarter-on-quarter, with the EU registering respective increases of 0.4% and 0.1%.
