Eurozone GDP up 0.2% in Q2 2019

Seasonally adjusted GDP rose by 0.2% in both the euro area (EA19) and the EU28 during the second quarter of 2019, compared with the previous quarter, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.

In the first quarter of 2019, GDP had grown by 0.4% in the euro area and by 0.5% in the EU28. Compared with the same quarter of the previous year, seasonally adjusted GDP rose by 1.1% in the euro area and by 1.3% in the EU28 in the second quarter of 2019. In the previous quarter, GDP had grown by 1.2% in the euro area and by 1.6% in the EU28.

”Euro area annual inflation is expected to be 1.1% in July 2019, down from 1.3% in June”

Euro area annual inflation is expected to be 1.1% in July 2019, down from 1.3% in June, said the statistical office of the European Union.

Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in July (2.0%, compared with 1.6% in June), followed by services (1.2%, compared with 1.6% in June), energy (0.6%, compared with 1.7% in June) and non-energy industrial goods (0.4%, compared with 0.3% in June).

Euro area unemployment at 7.5%

The euro area (EA19) seasonally-adjusted unemployment rate was 7.5% in June 2019, down from 7.6% in May 2019 and from 8.2% in June 2018. This is the lowest rate recorded in the euro area since July 2008. The EU28 unemployment rate was 6.3% in June 2019, stable compared with May 2019 and down from 6.8% in June 2018. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000. These figures are published by Eurostat, the statistical office of the European Union.

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Eurostat estimates that 15.674 million men and women in the EU28, of whom 12.377 million in the euro area, were unemployed in June 2019. Compared with May 2019, the number of persons unemployed decreased by 36 000 in the EU28 and by 45 000 in the euro area. Compared with June 2018, unemployment fell by 1.205 million in the EU28 and by 1.032 million in the euro area.

In June 2019, 3.176 million young persons (under 25) were unemployed in the EU28, of whom 2.251 million were in the euro area. Compared with June 2018, youth unemployment decreased by 239 000 in the EU28 and by 179 000 in the euro area.

In June 2019, the youth unemployment rate was 14.1% in the EU28 and 15.4% in the euro area, compared with 15.2% and 17.0% respectively in June 2018. In June 2019, the lowest rates were observed in Germany (5.5%), the Netherlands (6.5%) and Czechia (6.6%), while the highest were recorded in Greece (39.6% in the first quarter of 2019), Spain (32.4%) and Italy (28.1%).

Source:Eurostat