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Eurozone GDP growth slows by half to 0.3% in Q2

by ChemOrbis Editorial Team - content@chemorbis.com
  • 12/08/2016 (14:35)
According to data released by Eurostat, economic growth in the eurozone slowed to 0.3% in the second quarter from a growth rate of 0.6% in the first quarter, in line with the expectations. Compared with the same period of 2015, the regions’ gross domestic product (GDP) climbed 1.6% during the April-June period.

The agency also reported that the region’s industrial production climbed 0.6% in June from a month earlier on the back of higher production for capital goods, durable consumer goods and non-durable consumer goods. Capital goods rose by 1.3% on the month while durable and non-durable consumer goods climbed 1% and 0.7%, respectively in June. However, production of intermediate goods and energy output witnessed decreases of 0.2% and 0.6%, respectively from a month earlier. On a yearly basis, eurozone’s industrial output edged up 0.4% in June.

Among member states, the highest monthly increases were registered in Ireland (+7.1%), Bulgaria (+3.9%) and Greece (+3.8%) while the largest decreases were seen in Estonia (-3.1%), Hungary (-2.3%) and Malta (-1.6%).

The head of European Central Bank, Maria Draghi reported that the bank may evaluate possibility of further monetary stimulus while they are now gauging the effects of Brexit on the economy.
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