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Eurozone economic growth slows in 2Q

by ChemOrbis Editorial Team -
  • 01/08/2016 (16:46)
According to preliminary data from the statistical office of the European Union (Eurostat), economic growth in the euro zone slowed in the second quarter on the back of the uncertainty before the British vote to leave the European Union. Economists interpreted this as a possible sign of future weaker growth.

Eurostat’s data showed that GDP in the 19 euro user countries increased 0.3% on a quarterly basis between the April-June period, half of the 0.6% growth of the first quarter of the year. After the strong economic growth in the first three months of the year, a deceleration in economic growth was already expected for the next three months and this combined with the uncertainty before the Brexit referendum.

Meanwhile, Euro zone inflation increased unexpectedly 0.2% in July. The European Commission and the European Central Bank revised down their expectation for Euro zone GDP growth for both 2016 and 2017, after the Brexit referendum.
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