EU, Euro Area GDP Rebound Over 13% in Second Quarter

Source: EuroStat

The European Union and Euro area economy rebounded in the second quarter, following several quarters in negative territory.

• The Euro area gross domestic product climbed 13.6% year-on-year and 2.0% when compared with the first quarter.
• The European Union economy expanded 13.2% year-on-year and 1.9% quarter-on-quarter.
• The biggest annual growths were seen in Spain, France, Hungary, Italy, and Portugal.
• Double-digit growth was also recorded in Belgium, Romania, Cyprus, Austria, Poland, and Slovakia.
• In terms of employment, the number of payrolled individuals jumped by 0.5% in the Euro area and by 0.6% in the second quarter versus the first quarter.
• Year-on-year employment growth was recorded at 1.8% in both the EU and the Euro area.