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The previous forecast had grown by 0.3 percent. Compared to the same month last year, the euro economy grew by 0.5 percent instead of 0.6 percent as previously assumed.
In the 20 euro countries, growth was already weak during the winter months. GDP also increased by 0.1 percent in the first quarter, after a slight contraction of 0.1 percent in the fourth quarter of 2022.
The real burden is high inflation, which restrains private consumption. In addition, the export-oriented industry is developing poorly due to the global economic crisis.
Little changed in these issues in the spring: private consumption stagnated, Eurostat reported. Negative impulses even came from foreign trade as exports fell significantly. On the other hand, increased public sector expenditures and corporate investment expenditures also provided support.
Euro countries Italy, Netherlands, Austria, Estonia, Latvia and Cyprus developed particularly weakly in the second quarter. There economic output was falling. In contrast, the economy grew significantly, particularly in Lithuania, Slovenia and Greece. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
