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Eurozone growth of 1% confirmed | Eurozone growth of 1% confirmed |
(40 minutes later) | |
The eurozone economy grew by 1% between April and June, official figures have confirmed. | The eurozone economy grew by 1% between April and June, official figures have confirmed. |
The initial estimate was published last month, showing stronger growth than expected, largely due to strong exports that were boosted by a weaker euro. | The initial estimate was published last month, showing stronger growth than expected, largely due to strong exports that were boosted by a weaker euro. |
The German economy, which grew by 2.2% over the three months, helped to drive the zone's overall growth. | The German economy, which grew by 2.2% over the three months, helped to drive the zone's overall growth. |
The figures confirmed the eurozone is growing faster than the US economy, which grew by 0.4% during the quarter. | The figures confirmed the eurozone is growing faster than the US economy, which grew by 0.4% during the quarter. |
Exports grew by 4.4%, exactly the same amount in percentage terms as the increase in imports, the zone's official statistics agency, Eurostat, said. | |
Growth in the eurozone was also boosted by a rise in household spending, which was 0.5% higher than in the previous quarter. | |
'External recovery' | |
Eurostat also confirmed that growth in the UK between April and June was 1.2%, while growth was 0.6% in France, 0.4% in Italy and 0.2% in Spain. | |
The Greek economy shrank by 1.5% and was the only economy in the eurozone to contract during the period. | |
"It's an externally led recovery - if you look at export growth it's very, very strong," said Stefan Schneider at Deutsche Bank. | |
However, he questioned the strength of household spending, despite the modest rise in the last quarter. | |
"If you look at private consumption, this is still very modest given the labour market situation in various European countries, which is not very positive for consumption." | |
High unemployment | |
Figures also released on Thursday showed a rise of 61,000 in unemployment benefit claims in Spain in August, as short-term summer contracts began to expire. | |
This followed four months of falling claims, but was entirely expected as the summer tourism season comes to an end. | |
The Spanish unemployment rate remains at about 20%. | |
Figures released earlier this week showed unemployment in the wider eurozone remaining stubbornly high at a record rate of 10%. | |
This is slightly higher than the 9.5% unemployment rate in the US. | |
High unemployment is undermining the global economic recovery, analysts say. |
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