Eurozone GDP growth holds steady, beats forecasts

30th Jul 2024 09:43

(Sharecast News) - Economic activity across the eurozone was stronger than anticipated in the second quarter, as upside surprises to GDP growth in Spain and France offset an unexpected contraction in Germany.

Eurozone GDP expanded by 0.3% in the three months to June, in line with the 0.3% growth registered in the first quarter and ahead of the 0.2% increase expected by economists.

This was the second straight quarter of economic expansion across the single-currency region following two consecutive quarters of stagnation at the end of last year.

For member states where data was available, Eurostat reported that, compared with the first quarter, economic growth turned negative in Germany (-0.1% down from +0.2% previously) and Latvia (-1.1% versus +0.8%), stalled in Austria (0% versus +0.2%), and slowed down in Italy (+0.2% versus +0.3%) and Portugal (+0.1% versus +0.8%).

However, GDP growth held steady in Spain (+0.8%), France (+0.3%) and Lithuania (+0.9%), but picked up in Ireland (+1.2% versus +0.7%).