Eurozone GDP grew by 2% in II quarter

According to revised data from Eurostat, the eurozone economy grew by 2% in the second quarter compared to the previous three months. The latest data was in line with the original estimate. On an annualized basis, Eurozone GDP jumped 13.6%.

Prior to that, European GDP had been declining on a quarterly basis for two consecutive quarters, which technically represents a recession. In the first quarter of 2021, the decline was 0.3%, in the fourth quarter of 2020 – 0.6%.

However, despite the current strong growth, the region's GDP is still 3% less than at the end of 2019, while the US and Chinese economies have already fully recovered from the coronavirus-induced recession.

The Spanish economy in the II quarter grew by 2.8% compared to the previous quarter, Italy recorded an increase of 2.7%. The GDPs of Germany and France rose by a more modest 1.5% and 0.9%, respectively.