Is the EU economy growing? Quarterly estimate of eurozone GDP growth worsened to 0.6%Eurozone GDP growth quarterly estimate worsened to 0.6%In the 2nd quarter, the economy of 19 eurozone countries increased by 0.6% compared with the previous quarter, according to the revised data of the EU Statutory Administration.

Thus, the indicator was worsened from the preliminary estimate of 0.7%.

Eurozone gdp growth 2022

Analysts on average did not expect a revision from the previously announced level, according to Trading Economics. On an annualized basis, eurozone GDP grew by 3.9% in April-June, rather than 4% as previously reported. Experts also did not forecast a revision of this indicator.

Among the largest economies of the region, the GDP of Spain increased by 1.1% in quarterly terms. Italy – by 1%. France – by 0.5%. Meanwhile, the German economy remained unchanged from the first quarter, while the GDP of Portugal, Lithuania and Latvia decreased by 0.2%, 0.4% and 1.4% respectively.

In Q1 this year, eurozone GDP growth was 0.5% quarter-on-quarter and 5.4% year-on-year. This is the second of three estimates of quarterly economic growth in the currency bloc. The final data will be published on September 7. The quarterly GDP growth estimate for the euro area has been downgraded to 0.6%. 

Earlier we talked about crude oil price forecast for 2022.