Eurozone GDP growth revised to four-year high

(Sharecast News) - Eurozone economic growth in the second quarter was revised up to its highest rate in four years, Eurostat reported on Monday, on the back of a faster-than-expected expansion in Ireland and Germany. The quarterly change in gross domestic product was 0.6% over the April to June period, compared with no growth in the first quarter and 0.2 percentage points ahead of the 0.4% rate initially reported in the previous two releases.

This was the strongest quarter-on-quarter growth rate across the single-currency bloc as a whole since the second quarter of 2022.

Ireland's GDP growth was revised to 10.2% q-on-q, after the economy rebounded strongly after a 7.8% GDP decline in the first quarter, while Germany's growth was revised to 0.3%, up from the first estimate of 0.2% though still down from 0.4% in the first.

This was partly offset by a downwards revision in France to 0.0%, down from the initial estimate of 0.2%, though up from -0.2% previously.

On an annual basis, eurozone GDP growth picked up to 1.2% in the second quarter from 0.6% in the first, marking the strongest year-on-year growth in three quarters.