Cyprus Mail

Euro area economy grows 2.3% in Q2, as growth slows down in UK

The euro area’s economy expanded in the second quarter an annual 2.3 per cent and 0.6 per cent compared to January to March, the European Commission’s statistical office said.

The economy in the European Union grew in April to July 2.4 per cent compared to the respective quarter of 2016 and 0.7 per cent compared to the quarter before, Eurostat said in a statement on its website on Thursday.

The Cypriot economy, the euro area’s second smallest, expanded in the second quarter an annual 3.5 per cent and a quarterly 0.9 per cent, Eurostat said. Germany, the euro area’s largest economy grew in April to June an annual 2.1 per cent and a quarterly 0.6 per cent while that of France, the euro area’s second largest, 1.7 per cent and 0.5 per cent and the Italian, the third largest, 1.5 per cent and 0.4 per cent respectively.

The UK’s economy, which is facing uncertainty following the outcome of the Brexit referendum in June last year, expanded in the second quarter an annual 1.7 per cent, beating only Greece’s 0.8 per cent, and a quarterly 0.3 per cent, the lowest in the EU together with Portugal.

The fastest growing economy in the second quarter was that of Romania with an annual 5.7 per cent growth rate and the Czech Republic with a quarterly growth rate of 2.5 per cent, Eurostat said.

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