8/17, 11:00 AM (Source: TeleTrader)
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Eurozone's GDP expands in Q2, avoiding recession

Eurostat reported on Wednesday the economic growth of both the euro area and the European Union as a whole stood at 0.6% in the second quarter of 2022 compared to the previous quarter, with the readings successfully escaping recession fears. On an annual basis, the GDP soared by 3.9% in the euro area and 4% in the EU, decelerating slightly compared to the first trimester.

The employment rate expanded by 0.3% both in the Eurozone and the EU in the same period, per the preliminary data, while the yearly figures stood at 2.4% and 2.3%, respectively. All readings failed to meet market expectations.

The highest GDP expansion of over 2% was seen in the Netherlands and Romania, while on the other hand, Polish and Latvian economies recorded the largest contractions on a quarterly basis.

Baha Breaking News (BBN) / ND