Cyprus Mail

Euro area economy grows 2.2% in Q2, Eurostat says

The euro area’s economy expanded a seasonally adjusted 2.2 per cent in the second quarter of the year against 1.9 per cent the previous quarter, the European Commission’s statistical office said citing a flash estimate.

In the same quarter, the European Union’s economy expanded an annual 2.3 per cent, also seasonally adjusted, after growing 2.1 per cent in the first quarter, Eurostat said in a statement on its website on Wednesday. Both the single currency bloc’s economy expanded in the EU’s economy expanded a quarterly 0.6 per cent in April to June.

The German economy, the euro area’s largest, grew the past quarter an annual 2.1 per cent compared to 1.9 per cent the previous quarter, while that of France, the second largest, expanded 1.8 per cent after a 1.1 per cent rise in the first quarter, Eurostat said. Italy’s economy, the third largest, also saw its growth accelerate to 1.5 per cent in April to June, from 1.2 per cent the previous quarter.

The UK economy, which is facing uncertainty following last year’s Brexit referendum, grew 1.7 per cent in the second quarter compared to 2 per cent the previous quarter, Eurostat said. Compared to the previous quarter, it only expanded 0.3 per cent, marginally faster compared to the first quarter, which is the EU’s third smallest.

The fastest growing economy in the euro area in the second quarter was that of Latvia, which grew an annual 4.8 per cent, followed by Lithuania with 3.9 per cent, and Cyprus with 3.5 per cent, Eurostat said. The fastest growing economy outside the currency bloc was that of Romania with a growth rate of 5.7 per cent, followed by the Czech Republic’s 4.5 per cent and Poland’s 4.4 per cent.

The slowest growing economy in the EU was that of Belgium with 1.4 per cent, Eurostat said.

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