Eurozone GDP grew by 0.3% q/q in Q2

The economy of the European Union in April-June did not change compared to the first quarter of 2023

In April-June 2023, the GDP of the eurozone increased by 0.3% compared to January-March 2023. Compared to the second quarter of 2022, the economy of the Eurozone grew by 0.6%. This is evidenced by the previous Eurostat’s data.

Analysts, on average, predicted an increase in the GDP of the Eurozone in the second quarter by 0.2% in a quarterly measure and by 0.5% y/y.

The economy of the European Union in April-June 2023 did not change compared to the first quarter of 2023. In annual terms, EU GDP grew by 0.5% in the second quarter.

Germany’s GDP was unchanged quarter-on-quarter, France’s and Spain’s rose by 0.5% and 0.4%, respectively, while Italy’s fell by 0.3% and Sweden’s by 1.5%.

According to forecasts of the European Central Bank, in 2023, the economy of the eurozone will increase by 0.9% after growth by 3.5% last year.

As GMK Center reported earlier, in the first quarter of 2023, Eurozone GDP increased by 0.1% q/q and 1.3% y/y. The economy of the European Union grew by 0.3% q/q and 1.3% y/y. During this period, Germany’s GDP did not change compared to the previous quarter, in France this indicator increased by 0.2%, in Italy – by 0.5%.

Inflation in the Eurozone in March 2023 slowed down to 6.9% year-on-year, energy prices in this period fell by 0.9% compared to February. At the same time, core inflation, which excludes energy and food costs, reached another record high. In March 2023, it was 5.7% compared to 5.6% in February.