Business

The eurozone economy grew 0.6 percent in the second quarter, less than originally thought

blank

The euro area economy grew slightly less than originally expected in the second quarter as signs of slowing momentum continue to emerge.

Spending rose 0.6 percent over the previous three months between April and June, compared with a preliminary figure of 0.7 percent, Eurostat said on Wednesday.

Employment increased by 0.3 percent during this period.

While data still suggests the European economy was on relatively solid footing into the summer, analysts fear energy shortages will push record inflation even higher and plunge the continent into recession.

A downturn that lasts two quarters is now more likely than not, according to a Bloomberg poll that puts the probability at 60 percent.

Inflation is expected to average nearly 8 percent in 2022 – about four times the European Central Bank’s target.

Officials have stressed the importance of acting forcefully to prevent expectations of higher inflation from solidifying, though some economists question how far interest rates can be raised if a recession hits.

https://www.independent.ie/business/world/eurozone-economy-grew-06pc-in-second-quarter-less-than-initial-estimates-41917747.html The eurozone economy grew 0.6 percent in the second quarter, less than originally thought

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button