Eurozone GDP rises while inflation holds steady

1 Aug 17

GDP was up by 0.6% across EU countries during the second quarter of 2017 compared to the previous three months, according to figures released by the statistical office of the European Union today. 

It also rose 0.6% across the euro area in the second quarter, and in both the eurozone and EU28 by 0.5% in the first quarter of the year.

Eurostat also released figures yesterday showing annual inflation across the Eurozone area is expected to be 1.3% in July 2017, stable compared with the position a year earlier.

This was the lowest rate recorded in the eurozone since February 2009. 

GDP rose by 2.1% in the second quarter of this year in the euro area compared to the same three months the year before, and 2.2% in the whole of the EU in the second quarter compared to the same quarter the year before.

Energy was expected to have the highest annual rate of inflation at 2.2% in July compared with 1.9% in June, followed by services at 1.5%.

Eurostat also said that the eurozone’s unemployment rate stood at 9.1%, down from 9.2% in May 2017 and from 10. 1 % in June 2016. 

This was the lowest unemployment rate recorded in the eurozone since February 2009. 

Across the whole EU, June’s unemployment rate was 7.7 % stable compared to May and down from 8. 6 % in June 2016 and was the lowest recorded since December 2008.

The lowest unemployment rates were in the Czech Republic at 2.9% and Germany at 3.8%. The highest were Greece (21.7%) and Spain (17.1%).

June’s figures for youth unemployment - defined as those aged under 25 - were 16.7% in the EU and 18.7% in the eurozone, down respectively from 18.8% and 21.0% a year earlier.

The lowest rate was 6.7% in Germany and the highest 45.5% in Greece.

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