Eurozone, EU see 0.2 percent growth in Q2
(MENAFN) In the second quarter of the year, both the eurozone and the European Union experienced a quarter-on-quarter GDP growth of 0.2 percent, according to the final figures released on Friday. This growth rate was slightly lower than the preliminary estimate of a 0.3 percent increase. The growth rate also showed a slight deceleration from the 0.3 percent rise recorded in the first quarter of the year, as reported by Eurostat.
Among EU member states, Poland led with the highest GDP growth in the second quarter, showing an increase of 1.5 percent compared to the previous period. Greece followed with a growth rate of 1.1 percent, while the Netherlands recorded a 1.0 percent increase. In contrast, some countries faced economic contractions, with Ireland's GDP shrinking by 1.0 percent, Latvia’s by 0.9 percent, and Austria’s by 0.4 percent.
Government spending saw an increase of 0.6 percent during this period. However, household consumption decreased slightly by 0.1 percent, and investment fell significantly by 2.2 percent. These changes reflect varying economic activities across the region, with government expenditure rising while other key economic indicators experienced declines.
On an annual basis, the GDP growth for the eurozone remained steady at 0.6 percent for the second quarter, while the EU's GDP growth was confirmed at 0.8 percent. The eurozone comprises the 19 EU member states that use the euro as their currency, while the EU27 includes all the member countries of the European Union.
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