EU, GDP up 0.3% in the second quarter Better than expected
In the second quarter, GDP growth in the Eurozone was slightly above expectations, with a +0.3% conjunctural (according to a flash estimate by Eurostat) after the 0% recorded between January and March. Estimates were for an increase of 0.2%. On an annual basis, growth in the area fell to 0.6% from 1.1% in the first quarter, but this too is slightly better than the forecast of economists who assumed +0.5%. The EU 27, on the other hand, recorded zero growth in the second quarter, after +0.2% in the first three months: GDP increased by 0.5% on an annual basis.
Also today, Eurostat communicated the July inflation figure which sees a slowdown in prices for the Eurozone to +5.3% in July, in line with expectations, from +5.5% in June. At the same time, however, core inflation remained stable at 5.5%, slightly up on the expected rate of 5.4%.