Global Economy

Euro zone Q2 growth slows as Germany leads bloc's slowdown

The euro zone’s GDP barely grew in the second quarter of 2019, data showed on Wednesday, as economies across the bloc lost steam and the largest, Germany, contracted thanks to a global slowdown driven by trade conflicts and uncertainty over Brexit.

Eurostat said that gross domestic product (GDP) growth in the 19-country Euro zone was 0.2% in the second quarter compared with the previous quarter, a slowdown from 0.4% percent growth in the first three months of the year.

The GDP flash estimates numbers, including year-on-year growth of 1.1% from the second quarter of 2019, were in line with economists’ forecasts.

Earlier on Wednesday, Germany’s Federal Statistics Office said that, pn a calendar-adjusted basis, the annual growth rate in Europe’s largest economy slowed to 0.4% in the second quarter from 0.9% in the first.

Industrial production in the euro zone area fell by 1.6% in June compared with the previous month, and by 2.6% from the same month in 2018. Economists had predicted less sharp drops in output of 1.4% month-on-month and 1.2% year-on-year.


READ  New Zealand tames virus; France, Spain reveal lockdown exits

Leave a Reply