Euro area economy grows 0.3% in 2nd quarter

Luxumburg: The euro area’s gross domestic product (GDP) rose 0.3% quarter-on-quarter this April-June, better than market forecast, according to a flash estimate released on Tuesday.

The figure followed a 0.3% growth in the first quarter, Eurostat data showed.

The GDP in the full EU also increased 0.3% from the previous period in the second quarter.

Among the member states for which data are available, Ireland recorded the largest quarterly growth in three months to June with 1.2%, followed by Lithuania (0.9%) and Spain (0.8%).

The highest contractions were sees in Latvia (down 1.1%), Sweden (down 0.8%) and Hungary (down 0.2%).

On an annual basis, the GDP increased 0.6% in the euro area and 0.7% in the EU in April-June, the strongest pace since the first quarter of last year.

The second quarter figure accelerated from the previous period’s annual growth rates of 0.5% in the eurozone and 0.6% in the EU.

The eurozone/euro area, or EA19, represents member states that use the bloc’s single currency, the euro, while the EU27 includes all of its member countries.