Eurozone’s GDP surges by 0.3 percent in Q2, surpassing market forecasts
Date
7/30/2024 9:35:36 AM
(MENAFN) On Tuesday, the euro area’s gross domestic product (GDP) data for April to June revealed a quarter-on-quarter increase of 0.3 percent, surpassing market forecasts. This growth figure matches the 0.3 percent rise recorded in the first quarter of the year, as reported by Eurostat. The data highlights a stable economic performance in the euro area, maintaining the momentum from the previous quarter despite various economic challenges.
Similarly, the overall GDP for the European Union (EU) also saw a 0.3 percent increase from the previous quarter during the second quarter. Among the member states for which data is available, Ireland experienced the most significant growth, with a notable 1.2 percent rise. Following Ireland, Lithuania and Spain reported increases of 0.9 percent and 0.8 percent, respectively. These figures suggest that several EU countries are performing well, contributing positively to the bloc’s economic growth.
Conversely, several countries faced economic contractions during the same period. Latvia saw the highest decline with a 1.1 percent drop, followed by Sweden at 0.8 percent and Hungary with a 0.2 percent decrease. These contractions highlight disparities within the EU, where some nations are struggling while others are experiencing robust economic performance.
On an annual basis, the euro area's GDP grew by 0.6 percent in the second quarter, while the EU's GDP increased by 0.7 percent. This annual growth is the strongest pace since the first quarter of the previous year, marking an acceleration from the previous period's annual growth rates of 0.5 percent in the eurozone and 0.6 percent in the EU. The euro area, or EA19, comprises the member states using the euro, while the EU27 includes all member countries of the European Union.
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