EU Economy Sees Weak 2nd Quarter

Tuesday, July 31, saw the release of new EU economic indicators; with data reflecting that economic growth within the European Union has declined slightly from the first quarter to the second.

The EU statistical agency Eurostat released the newest economic data, with statistics indicating that the EU’s total gross domestic product (GDP) saw an increase of almost a half percentage point for the 2nd quarter; with second quarter projected growth adjusted to 2.2%.

SLIGHT GROWTH

Within the EU, GDP increased by 0.3% in the 2nd quarter. Economic analysts had anticipated a somewhat stronger growth of about 0.4%. Euro-Zone growth is calculated at 2.1%, down from 2.5% first-quarter growth.

The EU also presented preliminary calculations of the inflation rate in the Euro Zone; with an estimated 2.1% inflation rate for July, up from June’s 2.0%.

STEADY UNEMPLOYMENT

Concurrently, Eurostat also revealed that Euro-Zone unemployment remained steady in June at 8.3%, unchanged from May’s 8.3%. The country with the lowest unemployment rate within the Euro-Zone was Germany at 3.4%.

Located in Luxembourg, Eurostat is a Directorate-General of the European Commission and is tasked with providing statistical information to agencies & institutions of the European Union.