Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Stronger economy than expected in the eurozone

The economy in the euro area grew more than expected during the second quarter. France and Spain are the locomotives – while the disappointment Germany weighs.

» Updated: 31 July 2024, 09:11

» Published: 30 July 2024

Stronger economy than expected in the eurozone
Photo: Michael Sohn/AP/TT

The eurozone's gross national product (GNP) increased by 0.3 per cent during April, May, and June, according to new statistics from Eurostat.

The analysts had expected an increase of 0.2 per cent, as shown by Bloomberg's compilation of forecasts.

The figure means that growth in the euro countries is maintaining the same pace in the second quarter as in the first.

However, among Europe's heavyweights, the development looks different.

France's GNP increased by 0.3 per cent during the second quarter – slightly more than the expected 0.2 per cent. Spain's GNP rose by 0.8 per cent, compared to the expected 0.5.

The GNP figures show that both countries have resilience. In a challenging situation with high interest rates, energy crisis, and faltering exports, they have managed relatively well.

In the EU's largest economy, Germany, growth is slowing down instead. German GNP decreased by 0.1 per cent. This was below expectations – an increase of 0.1 per cent – and can be compared to an increase of 0.2 per cent in the previous quarter.

A German turnaround also appears to be delayed.

"Germany's economy is stuck in crisis," says Klaus Wohlrabe at the Munich-based research institute Ifo in a statement.

"The third quarter offers no hope of improvement."

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

New French obstacles for Airbnb
1 MIN READ

New French obstacles for Airbnb

The Government Seeks Support for Those Affected by Northvolt
1 MIN READ

The Government Seeks Support for Those Affected by Northvolt

The regional tax will be raised next year
1 MIN READ

The regional tax will be raised next year

Astra Zeneca's China Chief Arrested by Police
1 MIN READ

Astra Zeneca's China Chief Arrested by Police

More rate cuts - but risk of turmoil with Trump
2 MIN READ

More rate cuts - but risk of turmoil with Trump

Svantesson: Trump's policy may increase inflation
2 MIN READ

Svantesson: Trump's policy may increase inflation

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

Thedéen expects turmoil after Trump's victory
2 MIN READ

Thedéen expects turmoil after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Stockholm Stock Exchange rises after interest rate cut
1 MIN READ

Stockholm Stock Exchange rises after interest rate cut

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected