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Eurozone Q2 growth is revised down to 0.6%

Eurozone economic growth was slightly less robust in the second quarter than previously estimated, but still strong, revised data from the European statistics agency showed on Wednesday.

Eurostat said that the Gross Domestic Product of the 19 countries that use the euro rose 0.6% between April and June compared to the previous quarter, registering an increase of 3.9% compared to the previous year.

The agency had previously estimated quarterly growth at 0.7% and up 4.0% year-on-year.

Eurostat also said eurozone employment rose by 0.3% from the previous quarter, up 2.4% from the same period a year earlier.

Economists believe the second-quarter result may have been the last strong one before rising inflation and supply chain problems caused a mild recession over the next 12 months.

The war in Ukraine hangs over all the economies of Europe. Uncertainty over the course of the conflict has shaken consumer and business confidence, while fears are feared that a complete cut in Russian gas supplies could plunge the bloc into a much deeper recession.

Source: CNN Brasil

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