Euro zone’s economy grew 0.3% in second quarter, above expectations despite German contraction

The euro zone’s economy grew by more than expected in the second quarter of 2024, flash figures from the European Union’s statistics office showed Tuesday.

The zone’s gross domestic product rose by 0.3% in the three months to the end of June compared to the previous quarter, the data showed. Economists polled by Reuters had expected a 0.2% increase on a quarterly basis.

First-quarter GDP was confirmed at 0.3%, unchanged from the initial reading announced earlier this year.

The euro zone entered a technical recession in the second half of 2023, as GDP contracted in both the third and fourth quarter of the year, according to revised figures released earlier this year.

Earlier in the session, the euro zone’s largest economy Germany contracted by 0.1% in the second quarter, while France’s GDP rose 0.3% over the same period, preliminary data from the countries respective statistics offices showed.

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