Eurozone GDP Grows 0.1% In Q2

(RTTNews) - The euro area economy expanded unexpectedly in the second quarter, preliminary flash estimates published by Eurostat showed Wednesday.

Gross domestic product grew 0.1 percent sequentially, after rising 0.6 percent in the first quarter. GDP was expected to remain flat.

On a yearly basis, economic growth softened to 1.4 percent from 1.5 percent in the prior quarter. Nonetheless, the growth rate was better than forecast of 1.2 percent.

The EU27 GDP grew 0.2 percent from the previous quarter and expanded 1.5 percent from the prior year.

Among the member states for which data are available for the second quarter, Spain recorded the highest sequential growth of 0.7 percent. This was followed by Portugal and Estonia.

Meanwhile, declines were recorded in Ireland, Germany and Italy.