The Eurozone economy grew by 0.6% in the second quarter compared to the previous quarter.
The European Statistical Office (Eurostat) has released the latest data on the growth and employment rates of the European Union (EU) and Eurozone in the second quarter of 2022.
Accordingly, the seasonally adjusted Gross Domestic Product (GDP) in the 19-member Eurozone increased by 0.6% in the second quarter of 2022 compared to the first quarter.
In the euro area, GDP increased by 3.9% in the second quarter of 2022 compared to the same period in 2021.
Seasonally adjusted GDP in the EU, on the other hand, increased by 0.6% in the second quarter compared to the previous quarter and by 4% compared to the same period of the previous year.
In the previous forecast of Eurostat, it was predicted that the Eurozone grew by 0.7% compared to the previous quarter and by 4% compared to the same period of 2021.
With the latest data, the second quarter growth rates were revised downwards.
In the second quarter, GDP increased by 1.1% in Spain, 1% in Italy and 0.5% in France compared to the previous quarter, while it remained stable in Germany.
Compared to the same period last year, the growth rate was 1.5% in Germany, 4.2% in France, 4.6% in Italy and 6.3% in Spain.
On the other hand, employment in the EU increased by 0.3% in the second quarter of 2022 compared to the previous quarter. Employment rose 2.3% in the EU compared to the same quarter last year.
Employment in the Euro Area increased by 0.3% compared to the previous quarter and by 2.4% compared to the same period of the previous year.
Source: Trthaber / Translated by Irem Yildiz