The euro zone economy expanded in the second quarter of this year as various governments tiptoed around their economic reopening, preliminary data has shown.
The 19-member economy grew by 2% in the three months through to the end of June, according to preliminary estimates published on Friday by Eurostat. The region contracted 0.3% in the first quarter and 0.6% in the final quarter of 2020 — two consecutive quarters of economic contraction are defined as a technical recession.Portugal, Austria and Latvia registered the highest quarterly growth rates.
"Looking ahead, we maintain our view, as does the consensus, that the third quarter will be even better, as momentum carries over uninterrupted, but downside risks loom," Claus Vistesen, chief Europe economist at Pantheon Macro, said in a note this week. , the latest gross domestic product numbers came in at an annualized 6.5% for the second quarter, well below market expectations, but slightly higher than the previous three-month period.expects GDP in the euro zone to reach 4.6% by the end of the year, followed by 4.7% next year.In a separate data release, Eurostat said that annual inflation is projected to reach 2.2% in the euro zone this month. This would be up from 1.9% in June.
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