Eurozone's economic growth slows to 1.1%

Wednesday, 14. August 2019 11:02

Gross domestic product of the European Union and the Eurozone expanded by 0.2% in the second quarter on a seasonally adjusted basis, data showed on Wednesday and confirmed the findings from the preliminary update. The rate compares to 0.4% and 0.5%, respectively, registered for the three months through March. Annual growth also came in unchanged, at 1.1% for the currency union and 1.3% for the whole 28-member bloc. It weakened from the first quarter's 1.2% and 1.6%, respectively.

Similarly, employment advanced 0.2% in the reporting period in both territories after 0.4% from the previous comparable interval. The rates landed at 1.1% and 1%, respectively, weakening by 0.2 percentage points.

Incomplete information from EU member states showed the strongest quarterly economic growth rate was in Hungary, 1.1%. The United Kingdom contracted the most, 0.2%, followed by a decline of 0.1% in both Germany and Sweden. Year over year, Hungary led with 5.1%. Italy's GDP came in with no change, throwing the country to the bottom of the pile.

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