Eurozone growth slows

AFP, BRUSSELS:  Eurozone second quarter growth slowed sharply, official data confirmed yesterday, weighed down by Brexit concerns and a poor performance in struggling France and Italy. Growth in the 19-nation eurozone came in at 0.3 per cent , down from 0.6 per cent  in the three months to January, but the figures were unchanged from the initial estimate given last month, the Eurostat statistics agency said.
The 0.3 per cent  quarterly gain was in line with analyst forecasts compiled by data company Factset.
Analysts said at the time of the initial estimate last month that uncertainty in the run-up to Britain’s shock June 23 vote to quit the European Union had likely dampened activity after a very strong first quarter.
They said this will continue to crimp growth until Britain’s future relationship with the EU is clarified.
Compared with a year earlier, the eurozone economy expanded 1.6 per cent  in the three months to June, also unchan-ged from the initial estimate.
Germany, Europe’s biggest economy did better than expected with a gain of 0.4 per cent  in the second quarter, down from 0.7 per cent  in the first.
On the downside, second-ranked France slumped to zero growth from 0.7 per cent  while third-placed Italy, whose banks are under great pressure in a faltering economy, was in the same boat after a rise of
0.3 per cent.

Eurozone growth slows

AFP, BRUSSELS: Eurozone second quarter growth slowed sharply, official data confirmed yesterday, weighed down by Brexit concerns and a poor performance in struggling France and Italy. Growth in the 19-nation eurozone came in at 0.3 per cent , down from 0.6 per cent in the three months to January, but the figures were unchanged from the initial estimate given last month, the Eurostat statistics agency said. The 0.3 per cent quarterly gain was in line with analyst forecasts compiled by data company Factset. Analysts said at the time of the initial estimate last month that uncertainty in the run-up to Britains shock June 23 vote to quit the European Union had likely dampened activity after a very strong first quarter. They said this will continue to crimp growth until Britains future relationship with the EU is clarified. Compared with a year earlier, the eurozone economy expanded 1.6 per cent in the three months to June, also unchan-ged from the initial estimate. Germany, Europes biggest economy did better than expected with a gain of 0.4 per cent in the second quarter, down from 0.7 per cent in the first. On the downside, second-ranked France slumped to zero growth from 0.7 per cent while third-placed Italy, whose banks are under great pressure in a faltering economy, was in the same boat after a rise of 0.3 per cent.