Among countries for which data is already available, GDP expanded at slower rates in: Italy (0.2 percent vs 0.3 percent in Q1); Spain (0.6 percent vs 0.7 percent); Austria (0.7 percent vs 0.8 percent); and Latvia (0.8 percent vs 1.5 percent). Meanwhile, GDP growth was unchanged in France (at 0.2 percent), Belgium (at 0.3 percent) and Lithuania (at 0.9 percent). Germany, the biggest economy in the Euro Area, is expected to release preliminary GDP estimates in two weeks.
Compared with the same quarter of the previous year, the Euro Area economy expanded 2.1 percent in the three months to June, following a 2.5 percent growth in the previous period and missing market consensus of 2.2 percent.
Considering the European Union as a whole, GDP growth was unchanged at 0.4 percent quarter-on-quarter; and eased to 2.2 percent year-on-year (vs 2.4 percent in Q1).