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Financial News: Eurozone Economy Recovers As Estimated In Q2

Eurozone Economy Recovers As Estimated In Q2

08/17/2021 - 05:32:00 (RTTNews)

(RTTNews) - The euro area economy recovered from a technical recession in the second quarter, flash estimate from Eurostat showed on Tuesday.

Gross domestic product grew 2 percent sequentially, in contrast to a 0.3 percent drop in the first quarter. The quarter-on-quarter growth rate matched the flash estimate released on July 30.

On a yearly basis, GDP rebounded 13.6 percent after shrinking 1.3 percent in the first quarter. The annual rate was revised down from 13.7 percent.

Data showed that the number of employed persons increased 0.5 percent on quarter, reversing a 0.2 percent fall in the first quarter. Year-on-year, employment rebounded 1.8 percent, offsetting last quarter's 1.8 percent decline.

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