Financial News: Eurozone Economic Growth Revised Up To 0.6%

Eurozone Economic Growth Revised Up To 0.6%

(RTTNews) - The euro area economy expanded more than initially estimated in the second quarter, underpinned by exports and consumer spending, revised data from Eurostat showed Monday.

Gross domestic product grew 0.6 percent sequentially after remaining flat in the first quarter. The second quarter growth was revised up from 0.4 percent estimated previously.

On a yearly basis, economic growth doubled to 1.2 percent from 0.6 percent in the preceding period. The initially estimated growth for the second quarter was 1.0 percent.

The expenditure-side of GDP showed that household spending growth improved to 0.4 percent from 0.1 percent. Meanwhile, growth in government spending eased to 0.2 percent from 0.5 percent.

Gross fixed capital formation fell 0.1 percent, following a 0.2 percent drop in the first quarter.

Exports rebounded 3.4 percent after falling 0.6 percent. At the same time, imports growth accelerated to 1.5 percent from 0.6 percent.

The EU27 GDP grew 0.7 percent in the second quarter, which was revised from 0.5 percent, and followed a 0.1 percent rise in the first quarter. On a yearly basis, growth was revised up to 1.4 percent from 1.2 percent.

Among member states of EU, Ireland reported the biggest expansion, followed by Slovenia and Lithuania. There was a sharp upward revision to Ireland's GDP growth to 10.2 percent from 3.9 percent.

Further, data showed that employment increased 0.1 percent sequentially in both the euro area and the EU in the second quarter. Compared to the last year, employment grew 0.5 percent in the euro area and by 0.4 percent in the EU.

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