Eurozone Economy Recovers In Q2

The euro area economy recovered in the second quarter, the preliminary flash estimate published by Eurostat showed on Friday.

Gross domestic product expanded 2 percent sequentially, reversing the 0.3 percent drop posted in the preceding period. The growth rate was bigger than the expected 1.5 percent.

On a yearly basis, GDP rebounded 13.7 percent after shrinking 1.3 percent in the first quarter. GDP was forecast to grow 13.2 percent.

Eurostat said these preliminary GDP flash estimates are based on data sources that are incomplete and subject to further revisions.

The EU27 economy expanded 1.9 percent on quarter taking the annual growth to 13.2 percent in the second quarter.

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