Eurozone GDP Growth Confirmed At 0.1%

(RTTNews) - The eurozone economy registered a marginal growth in the second quarter, as initially estimated, as growth in consumption was partially offset the decline in investment, official data showed Friday.

In the revised report, Eurostat confirmed that gross domestic product grew 0.1 percent sequentially, after rising 0.6 percent in the first quarter.

On a yearly basis, economic growth slowed to 1.5 percent, which was bigger than the initial estimate of 1.4 percent. This followed a 1.6 percent rise in the first quarter.

Among components, household consumption grew only 0.1 percent, slower than the 0.3 percent rise a quarter ago. Meanwhile, government spending rebounded 0.5 percent after easing 0.1 percent in the prior quarter.

At the same time, gross fixed capital formation declined 1.8 percent, in contrast to the 2.7 percent increase a quarter ago. Exports fell 0.5 percent sequentially, reversing the 2.2 percent rise in the first quarter. At the same time, imports remained flat after rising 2.2 percent.

Data showed that the number of employed persons registered a marginal increase in the second quarter. Employment gained 0.1 percent, slower than the 0.2 percent rise a quarter ago.

Annual growth in employment softened to 0.6 percent from 0.8 percent.

Hours worked also increased 0.1 percent sequentially. That reversed a 0.2 percent fall in the first quarter. On a yearly basis, hours worked dropped 0.2 percent, offsetting a 0.2 percent rise a quarter ago.