Eurozone: Preliminary GDP for the second quarter grows 3.9% annually, but below the 4% expected

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The Preliminary Gross Domestic Product (GDP) of the euro zone for the second quarter of the year stood at 3.9%, below the 5.4% of the first quarter and the 4% estimated by the market consensus. Although this is the fifth consecutive quarter with positive economic growth for the region, the one published today is the lowest figure since the first quarter of 2021.

The Quarter-on-quarter GDP has remained at 0.6%, one tenth below the estimated 0.7%. In the European Union, growth has also been 0.6%, according to Eurostat, the EU statistics office.

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On the other hand, the number of employed people increased by 0.3% in both the euro area and the EU in the second quarter of 2022, compared to the previous quarter. In the first quarter of 2022, employment had increased by 0.6% in the euro zone and 0.5% in the European Union.

EUR/USD reaction

The EUR/USD has shrugged off the data, holding at time of writing above 1.0172, just 0.01% above its opening price. Previously, the pair hit a daily low at 1.0149 in the early hours of the European open.

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Source: Fx Street

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