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Eurozone Q2 growth weakens

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Eurozone Q2 growth weakens
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There was only weak growth again for the eurozone economy between April and June.

The final estimate from the EU’s statistics office confirmed gross domestic product in the 19 countries using the euro increased by 0.3 percent from the previous quarter.

It expanded by 1.6 percent from the same period last year.

Growth slowed sharply quarter-on-quarter in the eurozone’s top three economies, plunging in France from 0.7 percent in the first quarter to zero and in Italy from 0.3 percent to zero. In Germany it weakened to 0.4 percent from 0.7 percent.

The European Central Bank is due to publish its latest GDP and inflation forecasts on Thursday September 8.

Economists said ECB policymakers will be particularly concerned that the French and Italian economies have stagnated and that the largest growth component in the second quarter was exports, with household demand lacklustre while inventories fell and investment slowed.