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Financial News: Eurozone Q2 GDP Growth Eases As Expected

Eurozone Q2 GDP Growth Eases As Expected

07/31/2019 - 05:26:00 (RTTNews)

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

Gross domestic product grew 0.2 percent sequentially, following the first quarter's 0.4 percent expansion. The rate came in line with expectations.

On a yearly basis, economic growth eased to 1.1 percent from 1.2 percent. Nonetheless, the rate of growth exceeded the expected 1 percent. The revised data is due on August 14.

Another report from the statistical office showed that the unemployment rate reached its lowest level in almost 11 years in June.

The jobless rate dropped to 7.5 percent in June, as expected, from 7.6 percent in May. This was the lowest since July 2008. Unemployment decreased by 45,000 from May to 12.377 million in June.

Further, data showed that the youth unemployment rate dropped to 15.4 percent from 15.6 percent in May.

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