The European economy grew for the first time since the summer of 2022

Gross domestic product within the eurozone increased by 0.3 percent from April to June. However, economic development in individual countries develops very differently.

In the spring, the eurozone economy expanded slightly for the first time since the summer of 2022. Gross domestic product increased by 0.3 percent from April to June compared to the previous quarter, statistics office Eurostat announced on Wednesday, confirming a flash estimate from the end of July. The monetary union had stagnated at the start of the year after contracting by 0.1 percent at the end of 2022.

However, economic development in individual countries develops very differently. Things went relatively badly in Germany, for example: Here, only GDP stopped stagnating after two consecutive negative quarters, which nearly ended the recession. On the other hand, France, the second largest economy in the eurozone after Germany, achieved a growth of 0.5 percent, while Spain, which ranks fourth, achieved a growth of 0.4 percent. In contrast, Italy, as the third largest economy in the monetary union, shrank by 0.3 percent, and Austria by 0.4 percent. Ireland had the strongest growth, at 3.3 percent. (APA)