The euro area economy recovered from a technical recession in the second quarter with the reopening of member-country economies after the coronavirus lockdowns, flash estimate from Eurostat showed on Tuesday. Gross domestic product grew 2 percent sequentially, in contrast to a 0.3 percent drop in the first quarter. The quarter-on-quarter growth rate matched the flash estimate released on July 30.
On a yearly basis, GDP rebounded 13.6 percent after shrinking 1.3 percent in the first quarter. The annual rate was revised down from 13.7 percent. The detailed breakdown for euro-zone GDP has not yet been released.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.