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Financial News: Eurozone Q2 GDP Expands As Estimated

Eurozone Q2 GDP Expands As Estimated

09/07/2017 - 05:21:00 (RTTNews)

(RTTNews) - The euro area economy expanded at a slightly faster pace in the second quarter, latest data from Eurostat showed Thursday.

Gross domestic product grew 0.6 percent sequentially in the second quarter, faster than the 0.5 percent expansion seen in the first quarter. The rate came in line with the estimate released on August 16.

Year-on-year, GDP climbed 2.3 percent instead of 2.2 percent estimated previously. This was also faster than the 2 percent expansion posted in the first quarter.

The expenditure-side breakdown of GDP showed that household spending growth improved to 0.5 percent on quarter from 0.4 percent. Government expenditure also expanded 0.5 percent, much faster than the 0.2 percent growth seen a quarter ago.

After falling 0.3 percent in the first quarter, gross fixed capital formation rose 0.9 percent in the second quarter. Exports and imports advanced 1.1 percent and 0.9 percent, respectively.

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