Euro zone Q2 GDP rises 0.3%, in line with forecasts

Economy

Gross domestic product (GDP) in the euro zone rose as expected in the second quarter, according to preliminary official data released on Friday.

In a report, Eurostat said that GDP rose a seasonally adjusted 0.3%, compared to growth of the same amount in the preceding quarter and bang in line with consensus forecasts.

Year-on-year, GDP in the single currency bloc rose 1.6% in the second quarter, matching both the expansion in the first three months of the year and the forecast.

The euro zone data was released after Germany, the engine of its economy, surprised earlier on Friday with growth of 0.4%, compared to the 0.2% increase expected.

Immediately after the release, EUR/USD was trading at 1.1151, compared to 1.1156 ahead of the report, while EUR/GBP was at 0.8609 from 0.8611 earlier.

Meanwhile, European stock markets were trading mixed. The Euro Stoxx 50 dropped 0.07%, Germany's DAX fell 0.35%, France’s CAC 40 lost 0.15%, while London’s FTSE 100 rose 0.12%.

Source by Investing.com