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Eurozone Economy Rebounds in Q2. Employment Expands for First Time After Pandemic

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People of different nations working in the service sector
An employment grew for the first time since the COVID-19 pandemic hit.

The Euro area’s economy posted a rebound in the second quarter of the year, while employment grew for the first time since the COVID-19 pandemic hit.

Source: Eurostat

VGK is up 0.1% premarket.

The seasonally adjusted gross domestic product expanded by 14.3% year-on-year, following three consecutive quarters in negative territory. The economy grew by 2.2% quarter-on-quarter after contracting for two straight quarters.

Household spending grew by 3.7%, while government spending jumped by 1.2%. Gross fixed capital formation jumped 1.1%, exports grew 2.2%, and imports advanced by 2.3%.

Employed persons grew by 1.8% year-on-year and 0.7% quarter-on-quarter, reflecting the first expansion since the COVID-19 pandemic hit. Hours worked jumped by 17% from a year ago, and 2.7% from the previous quarter.

The biggest quarterly gains in employment were seen in Latvia, Greece, Denmark, Portugal, and Austria.  Contractions were recorded in Estonia and Spain.

The European Union GDP grew 13.8% year-on-year, while employment climbed 1.9%.

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