Eurozone Growth Loses Momentum In Q2
29 Julho 2016 - 5:36AM
RTTF2
Eurozone economic growth halved in the second quarter, after
France's economy halted, as the region braces for uncertainty
emanating from the "Brexit" talks in the quarters ahead.
Separate data showed that inflation picked up in July despite
weak energy prices and the unemployment rate held steady at a five
year low in June.
Gross domestic product climbed 0.3 percent from the first
quarter, when it grew 0.6 percent, flash estimate from Eurostat
showed Friday.
A similar slower growth was last seen in the third quarter of
2015. The rate came in line with expectations.
On a yearly basis, economic growth eased marginally to 1.6
percent from 1.7 percent. The figure was expected to ease to 1.5
percent.
The breakdown of GDP is not available with the flash release.
Peter Vanden Houte, an economist at ING, said he believes that
household consumption remained an important growth driver for the
euro area.
The third quarter started on a good footing, but it is probably
too soon to start downplaying the potential negative impact of
"Brexit" on Eurozone growth, he said.
The upshot is that the case for the European Central Bank to
announce further policy easing in September will continue to
strengthen, Jack Allen at Capital Economics, said.
The bank is likely to cut the deposit rate to -0.5 percent from
-0.4 percent and an increase in the monthly pace of asset purchases
from EUR 80 billion to EUR 90 billion, he added.
GDP figures released by Austria and France showed that both
economies stalled in the three months to June. The French GDP
growth was dragged by inventories and investment.
Elsewhere, Spain's growth eased slightly to 0.7 percent from 0.8
percent. Germany's GDP data is due on August 12.
The EU28 economy expanded 0.4 percent on a sequential basis and
by 1.8 percent from the same period of last year.
Flash inflation rose to 0.2 percent from 0.1 percent in June,
while it was expected to rise again by 0.1 percent. This was the
second straight month of positive inflation.
The euro area jobless rate held steady at the lowest level since
July 2011, Eurostat reported today.
The unemployment rate remained unchanged at 10.1 percent in June
as economists had expected.
At the same time, the youth unemployment rate dropped to 20.8
percent in June from 20.9 percent a month ago.
The number of unemployed decreased by 37,000 from May and by
1.363 million from the same period of last year.
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