Eurozone GDP Grew Second-Quarter Amid Earlier Pessimistic Figure

The eurozone rose by 0.4 percent in the second quarter based on the report by the Eurostat statistics agency on Friday, while businesses and other investments also grew higher except for the negative performance of net trade.

The initial estimate in the eurozone from the agency was 0.4 percent growth quarter-on-quarter which updating the 2.2 percent to 2.1 percent year-on-year.

The gross fixed capital grew by 1.2 percent in the second quarter, gaining 0.3 percentage points on GDP growth.

Adjustment in inventories, household expenditures and government expenditure drove a 0.1 percentage point in the figure.

On the other hand, exports and imports increased by 06 percent and 1.1 percent, respectively, for this quarter. Thus, the foreign trade added 0.2 percentage points on GDP.

The first quarter of the year came out pessimistic but was previously positive in the last two quarters of 2017.

Overall, the German economy grew by 0.5 percent in the quarter but no data were gathered for Ireland and Luxembourg.