Economic growth both in the European Union and in the euro area slowed down significantly in the second quarter. According to the data already available, Hungary achieved the strongest economic growth in both quarterly and annual terms for the three months ended June 30.
According to the second estimate released by the European Union Bureau of Statistics (Eurostat) on Wednesday, gross domestic product (GDP) in both blocks increased by 0.2 per cent in the April to June quarter-on-quarter period.
In the first quarter, the economy grew at a much stronger pace than in the previous three months, with 0.4 per cent in 19 euro area countries and 0.5 per cent in the 28 EU Member States.
On a year-on-year basis, seasonally adjusted GDP grew by 1.1 percent in the euro area and 1.3 percent in the EU in the second quarter of this year. It is also weaker than the 1.2 and 1.6 percent in the first quarter.
The data in the second estimate is entirely consistent with the first two weeks ago and is in line with analyst expectations.
Employment in both blocks grew by 0.2 per cent in April-June compared to the first quarter, with growth slowing by half from 0.4 per cent in the first quarter. Compared to the second quarter of last year, the euro area employed 1.1% and the EU 1.0%, both 0.2 percentage points lower than in the first quarter.
GDP statistics broken down by country are still incomplete, with no data yet from seven countries – Estonia, Ireland, Greece, Croatia, Luxembourg, Malta and Slovenia.
Quarterly, Hungary’s economy grew at its strongest rate of 1.1 percent. Romania comes in second with 1.0 percent, followed by Lithuania and Finland with 0.9 percent each. Decreases were recorded in Germany (0.1 percent), Sweden (0.1 percent) and Great Britain (0.2 percent), while Italy’s economy stagnated.
Hungary tops the list with annual GDP growth of 5.1 percent, followed by Romania with 4.6 percent and Poland with 4.1 percent. Of the largest eurozone economies, Germany grew 0.4 percent, France 1.3 percent, Spain 2.3 percent, Italy stagnated.