Euro Zone Second Quarter Annual Growth Estimate Upgraded

Paterniano Del Favero
Agosto 16, 2017

Gross domestic product grew 0.6 percent quarter-on-quarter, slightly faster than the 0.5 percent increase seen in the first quarter.

The euro area economy expanded as initially estimated in the second quarter with better contribution from individual economies. Investors will now remain focused on the region's July CPI data, scheduled to be released on August 17 by 09:00GMT for further direction in the debt market.

The flash estimate for annual growth was also higher than the 2.1 percent expected in a Reuters poll of 28 economists. In Italy, the economy grew 0.4 percent quarter-on-quarter, in line with forecasts, and 1.5 percent year-on-year, slightly ahead of expectations.

The German economy expanded 0.6% with French and Italian growth of 0.5% and 0.4% respectively.

"Domestic demand is improving significantly, while exports continue to grow despite uncertainty among trade partners and an appreciating euro", said Bert Colijn, senior economist at ING.

The figures come after a deluge of GDP figures from individual European countries showed strong economic health on the continent. In the first quarter of 2017, GDP grew by 0.5 percent in both zones.

Meanwhile, the Netherlands' growth more than doubled to 1.5% in the second quarter from 0.6% in the previous three months.

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