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14.08.2024

Eurozone economic growth stabilized in the second quarter

Data published by Eurostat showed that in the 2nd quarter, the gross domestic product of the eurozone rose by 0.3%, as expected, after a similar increase in the 1st quarter. Among the bloc's largest economies, Germany contracted by 0.1%, while France's GDP grew again by 0.3%. Italy's economy grew by 0.2%, slowing compared to the 1st quarter (+0.3%), while Spain's GDP increased by 0.8%, as in the 1st quarter

In annual terms, eurozone economic growth accelerated to 0.6%, as expected, from 0.5% in the previous quarter. This was the strongest growth since the 1st quarter of 2023. 

Meanwhile, the GDP of the European Union countries grew by 0.3% in quarterly terms and by 0.8% per annum. In the 1st quarter, GDP grew by 0.3% over the quarter and by 0.6% per annum.

Separate data also showed that in the 2nd quarter, the number of employed persons in the eurozone rose by 0.2%, as expected, after an increase of 0.3% in the 1st quarter. In the EU, the number of employed persons also rose by 0.2%, slowing compared to the 1st quarter (+0.3%). On an annualized basis, employment in the eurozone grew by 0.8% compared with a 1% increase in the first three months of 2024. Meanwhile, in the EU, employment grew by 0.7% after an increase of 0.9% in the 1st quarter.

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