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Eurozone Growth Slows to 0.3%
The eurozone’s gross domestic product expanded by a seasonally adjusted 0.3% from the first to second quarter, half the pace of the previous period, according to Eurostat.
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The eurozone’s gross domestic product expanded by a seasonally adjusted 0.3% from the first to second quarter, half the pace of the previous period, according to Eurostat.
Adjusted GDP rose 1.6% compared with the second quarter of 2015.
Second-quarter results for the 19-member region were hurt by France, whose GDP slumped to zero growth from 0.7% in the first quarter. The French government reiterates its expectation of 1.5% growth for the full year.
Eurostat says inflation in the eurozone rose by an estimated 0.2% in July from 0.1% in June. The rate was about 1% for both months when the effect of slumping energy prices is ignored. The European Central Bank considers a 2% inflation rate necessary for a healthy economy.
Unemployment in the eurozone remained at 10.1% from May to June, the lowest jobless rate in five years. Eurostat estimates 21 million people are out of work in the European Union, including more than 16 million in the eurozone.
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