Economic growth picks up in the eurozone

The economy in Europe presented slight growth during the second quarter of this 2023

The eurozone experienced a slight rebound in its economic growth during the second quarter, after having stagnated in the first three months of the year, although difficulties persist in Germany, according to what was revealed in a first estimate published by Eurostat.

Between the months of April and June, the Gross Domestic Product (GDP) of the 20 countries that share the single currency increased by 0.3 % compared to the previous quarter. It is important to mention that in the first quarter, growth had completely stagnated (+0 %), a figure that has been revised by Eurostat, since a slight decrease of 0.1 % had initially been reported.

In relation to inflation in the euro area, a decline continued to be observed in the month of July, reaching 5.3 % after having reached 5.5 % in June and 6.1 % in May. This decrease has been due to a new decrease in energy prices, according to data announced by Eurostat last Monday.

However, it should be noted that food prices continue to rise at a high rate, with a year-on-year inflation rate of 10.8 %, although this figure represents a slight decrease from the 11.6 % registered in June, according to the European statistical office.

It is important to note that the current inflation rate remains well above the 2 % target set by the European Central Bank (ECB).

K. Tovar

Source: Bancaynegocios

(Reference image source: Unsplash+)

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