16.08.201721:14:00UTC+00Eurozone Economy Expands 2.2% in Second Quarter

Economic expansion in the eurozone climbed 2.2 percent in the second quarter of this year, surpassing expectations of analysts, as a series of upbeat data implied that the euro bloc's recovery is on course.

Seasonally adjusted gross domestic product climbed by 0.6 percent in both the eurozone and the EU28 in the second quarter of this year, as stated in a flash estimate by Eurostat. During the first quarter of this year, GDP expanded by 0.5 percent in both zones.

Year-on-year, seasonally adjusted GDP increased 2.2 percent in the euro bloc and by 2.3 percent in the EU28 during the second quarter, following a 1.9 percent and 2.1 percent expansion respectively in the quarter earlier.

Evidence of strong economic growth will be considered by European Central Bank policymakers who will start to debate recalibrating monetary policy.

The recovery in the eurozone is gathering steam, as recent jobless figures revealed their lowest reading since 2009 and economic sentiment climbed to a 10-year peak in July.