Eurozone GDP up by 0.3 percent in second quarter

The euro area achieved 0.3 percent economic growth in the second quarter of 2016. Germany recorded slower growth than in the preceding quarter with a growth rate of 0.4 percent. The Netherlands exceeded the European average with a growth rate of 0.6 percent, Statistics Netherlands (CBS) reports based on the provisional figures released by Eurostat today.
Growth in the euro area remained the same as in the first quarter. The economies in all 28 EU countries combined expanded by 0.4 percent, slightly below the 0.5 percent growth rate of the first quarter.


The German economy, the largest in the euro area, expanded by 0.4 percent. Spain again recorded solid GDP growth of 0.7 percent. In Belgium, the economy improved by 0.5 percent. The Greek economy saw 0.3 percent growth. France and Italy both recorded a flat 0.0 percent. Slovakia showed a strong performance with + 0.9 percent.
Outside of the euro area, Romania showed an even better performance with +1.5 percent. Hungary and Poland recorded around 1 percent growth. The UK topped the EU average with 0.6 percent growth.
Compared to the same quarter in 2015, GDP across the euro area grew by 1.6 percent. The EU economies expanded by 1.8 percent relative to one year previously. In the US, economic growth slowed down to 1.2 percent. China’s economy hit 6.7 percent year-on-year growth, just as in the first quarter. The Russian economy contracted by 0.6 percent year-on-year, the smallest contraction in one and a half years.
GDPs in the euro area
 Q1 2016Q2 2016
Euro area0.60.3