The Eurozone economy has started to grow again

The Eurozone economy has returned to growth while maintaining inflation, follows from Eurostat data.

From statistics shouldthat GDP growth in the II quarter of this year amounted to 0.3%. For comparison, in the first quarter of 2023 there was a zero trend, in the fourth quarter of 2022 there was a decrease of 0.1%. The GDP of France and Spain increased by 0.5% and 0.4% respectively. Ireland was marked by growth of 3.3% at once (in the first quarter, a drop of 2.8%). In Latvia and Sweden, falls were recorded – by 0.6% and 1.5%, respectively.

Eurostat also published data on inflation in the euro area, according to which it slowed down to 5.3%, compared with 5.5% in June. In May, this figure was 6.1%, in April – 7%.

In early June, Eurostat published data showing that the eurozone economy contracted by 0.1% in the first quarter of 2023. Then in the European Commission (EC) confirmed the start of a recession. EC spokeswoman Verle Nyts noted that the data showed that the recession in the winter months “was not deep” and the situation on the labor market is positive.

The EC predicted eurozone GDP growth for this year at 1.1%. In 2024, the commission expects an increase of 1.6%. How pointed out Bloomberg, there are signs of accelerating inflation, with price increases three times the 2% target.