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Eurozone Growth Bounces Back with 2% Growth in Second Quarter

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One hundred euro rolled bill banknote with euro coins on wooden table background.

The Eurozone economy rebounded with a 2% quarterly growth between April and June, following a 0.3% decline in the first quarter when EU countries were in Covid-19 lockdowns.

Source: Eurostat

EUR USD down -0.05%, FTSE 250 Index up +0.25%

Eurostat’s flash estimate also showed the EU grew by 1.9%, after a 0.1% contraction in the first three months of the year.

Eurozone’s employment also improved in the second quarter, up 0.5%, following a 0.2% drop in the first quarter. The figure was faster than the 1.6% quarterly growth record in the U.S. in the second quarter.

The annual growth rates in the Eurozone and EU were also stronger at 13.6% and 13.2%, respectively.

The UK economy was even stronger in the second quarter, growing by 4.8% on the quarter as the lockdown measures sought to fight against the pandemic. GDP remained 4.4% below its pre-pandemic level.

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