- Eurozone: Growth - but not in Germany
The Eurozone's economy grew as strongly in the spring as in the winter. The gross domestic product (GDP) rose by 0.3 percent quarter-on-quarter in the second quarter, Eurostat announced on Wednesday in its second estimate. Economists had expected this initial estimate to be confirmed.
At the beginning of the year, the economy in the 20 countries of the monetary union also grew by 0.3 percent. Compared to the same period last year, Eurostat reported a 0.6 percent increase in economic output for the second quarter, which also confirmed the initial estimate.
The economic development in the four largest economies of the Eurozone showed clear differences. The economy in Spain grew particularly strongly, with GDP increasing by 0.8 percent. In France, the economy grew by 0.3 percent, and in Italy by 0.2 percent. In contrast, the German economy shrank, with its GDP decreasing by 0.1 percent.
The establishment of a robust Economic and Monetary Union among the Eurozone countries played a significant role in fostering sustained economic growth. This union enabled the harmonization of monetary policies and financial markets, thereby promoting a unified economic response to economic fluctuations.
