Economic growth in the eurozone

19/08/2015 10:00

The economies of the eurozone expanded by 0.3 percent in the second quarter of 2015 compared to the first quarter, according to the most recent first calculations by Eurostat. The European Union as a whole recorded a 0.4 percent growth. The growth figure for the Dutch economy, released by Statistics Netherlands for the same period, was 0.1 percent.

The economies in almost all European countries grew in the second quarter of 2015. The growth rates in Belgium and Germany were slightly higher than the Dutch growth rate: 0.4 percent in the second quarter. The Netherlands produced and exported less natural gas, which hampered its economic growth. Quarter-on-quarter growth in Spain was 1.0 percent, while Greece saw an 0.8 percent growth rate. The closure of the Greek banks mainly took place in the third quarter. The French economy was unable to maintain its growth of the previous three quarters and stagnated at 0.0 percent. The only country to show negative growth was Finland, which has been ailing for some time.

Gross domestic product within the eurozone

The section below deals with year-on-year comparisons rather than the quarter-on-quarter comparisons shown in the section above

Russian economy shrinking

The Russian economy faced a dip in the second quarter of 2015 (-4.6 percent compared to the second quarter of 2014). It is the third negative growth in a row. The Russian economy faces great uncertainty with the Ukraine conflict and the economic sanctions. The low oil prices also have a negative effect on economic growth in Russia.
The Chinese economy expanded by 7 percent in the second quarter of 2015. In the first quarter it also saw a 7 percent growth rate, which was then the lowest China had experienced since 2009.

Economic growth in the United States slowed down slightly in the second quarter. Year-on-year growth reached 2.3 percent, whereas it had been 2.9 percent in the first. The British economy  grew by 2.6 percent in the second quarter, the lowest growth rate since the third quarter of 2013. The slowdown was caused by a slight downturn in the services and manufacturing sectors.

Gross domestic product outside eurozone

For the purpose of international comparability, all data used for this article have been adjusted for working day and seasonal patterns.