Eurozone Q2 GDP Contraction Confirmed At 0.2%

Eurozone Q2 GDP Contraction Confirmed At 0.2%


The Eurozone economy contracted as estimated earlier in the second quarter, data released by statistical office Eurostat showed Thursday.
Gross domestic products decreased a seasonally adjusted 0.2 percent sequentially in the second quarter, in line with the preliminary estimates. The economy contracted in the second quarter after stagnating in the first quarter.
Domestic final consumption expenditure decreased 0.2 percent quarter-on-quarter, while public consumption expenditure edged up 0.1 percent. Gross investment was lower by 0.8 percent compared to the first quarter, data showed.
In EU27, the GDP dropped 0.1 percent sequentially, while the German economy expanded by 0.3 percent. UK's GDP decreased 0.5 percent during the second quarter, data showed.
On an year-on-year basis, the economy contracted at a faster rate of 0.5 percent than 0.4 estimated initially. In the first quarter, GDP remained unchanged year-on-year.