Market Updates
Eurozone Growth In Second Quarter and Inflation In July Accelerate
Brian Turner
30 Jul, 2022
New York City
Eurozone GDP expanded unexpectedly in the second quarter ending in June, according to the flash estimate released by the eurostat.
On a quarterly basis, the GDP rose 0.7% after rising 0.5% in the first quarter.
On an annual basis, the GDP growth slowed to 4.0% in the second quarter after rising at 5.4% in the first quarter.
The revised estimate of the data is set to be released on August 17.
Despite the rising energy prices and persistent supply chain disruptions, the French economy expanded on rising exports and investments and Spain and Ital's economy grew on rising household spending.
France's GDP rose 0.5% from the first quarter when the economy shrank 0.2%, Spain's GDP advanced 1.1% from the previous quarter when the economy grew 0.2%.
Italy's GDP rose 1.0% in the second quarter after barely growing at 0.1% rate in the previous quarter.
Germany's GDP was flat after rising at 0.8% in the previous quarter and the growth slowed to 1.5% from 3.6% on an annual basis.
Eurozone Inflation Accelerates
The statistical agency also reported July inflation accelerated to 8.9% from June's 8.6% in its flash estimate Friday.
Core inflation excluding food, energy, and alcohol and tobacco rose to 4.0% from 3.7% in the previous month.
Estonia, Latvia, and Lithuania reported more than 20% inflation rate topping the inflation rate among all other currency block members.
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