06.10.201006:14:00UTC+00Eurozone Q2 GDP Growth Confirmed At 1%

Euro area gross domestic product grew 1% in the second quarter on a sequential basis, according to second estimates from Eurostat, the statistical office of the European Union, released on Wednesday. This follows a 0.3% rise in the first quarter.

Annually, economic growth was 1.9%, much faster than the 0.8% growth recorded in the previous quarter. The second quarter growth figures matched the estimate published on September 2.

In the EA16, household consumption growth stagnated at 0.2% quarter-on-quarter. At the same time, government spending grew at a faster pace of 0.5%, following a 0.2% rise in the first quarter. Investment recorded an increase of 1.5% compared to a 0.3% fall in the prior quarter. Exports and imports rose 4.3% and 4%, respectively.

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