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Financial News: Eurozone Economy Expands At Slower Pace In Q2

Eurozone Economy Expands At Slower Pace In Q2

07/31/2018 - 05:32:00 (RTTNews)

(RTTNews) - The euro area economy grew at a slower pace in the second quarter, preliminary flash estimate from Eurostat showed Tuesday.

Gross domestic product grew 0.3 percent from the first quarter, when the economy expanded 0.4 percent. A similar slower growth was last seen in the second quarter of 2016.

On a yearly basis, GDP growth eased to 2.1 percent from 2.5 percent in the previous quarter. Flash estimate for the second quarter is due on August 14.

Economists had forecast a sequential growth of 0.4 percent and 2.2 percent annual expansion.

The unemployment rate held steady at the lowest level since December 2008, another report from Eurostat showed. The jobless rate came in at 8.3 percent in June, in line with expectations.

The number of unemployed increased by 14,000 from the previous month to 13.57 million in June.

A separate communiqué showed that inflation accelerated for a third straight month in July to its highest level since late 2012.

The harmonized index of consumer prices rose 2.1 percent year-on-year in July, after climbing 2 percent in June. Economists had expected the rate to remain unchanged.

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