Italy and Spain help the euro zone out of recession Stronger than expected Official data show that the second quarter of 2021 will grow by 2%.
Although the strong economic performance of the Eurozone was disappointing, the gross domestic product (GDP) growth of the 19-country single currency area exceeded expectations by 1.5%. Germany.
Data from Eurostat, Eurostat, Showing that the Eurozone’s annual growth rate from April to June was 13.7%. The rebound in activity this year is in sharp contrast to the decline in output due to the new crown epidemic in the same period in 2020.
Following a 0.6% decline in the last three months of 2020, growth in the second quarter of 2021 and a further 0.3% decline in the first quarter of this year, as the Eurozone has been hit by a new wave of pandemics.
After a 2.1% drop in the first three months of this year, Germany is expected to achieve 2% growth in the second quarter, but after its strong manufacturing industry was affected by supply chain disruptions, Germany only achieved 1.5% growth. Computer chip shortage.
However, Italy and Spain -The third and fourth largest economies in the single currency area-The growth rate is faster than urban economists expected. Spain rebounded from a 0.4% decline in production in the first quarter to a record growth of 2.8% in the three months to June, while Italy’s 2.7% expansion was twice the 1.3% expected by analysts.
Among the four major economies in the Eurozone, France experienced the weakest growth in the second quarter after a flat performance in the first three months of this year, with a growth rate of 0.9% from April to June.
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Eurostat also stated that rising energy prices caused the euro zone’s inflation rate to rise from 1.9% in June to 2.2% in July-the highest annual rate since October 2018, slightly higher than the ECB’s 2% target interest rate.
Andrew Kenningham, chief European economist at the consulting firm Capital economics, Said: “We expect the Eurozone GDP to grow strongly again in the third quarter, and the chain growth may be slightly higher than 2%, which will bring the economy close to but lower than the pre-pandemic level.”
Data released on Thursday showed that the U.S. economy had recovered to pre-pandemic levels, despite The second quarter growth rate was lower than expected. Last fall, China became the first major economy to recover from the global recession caused by the pandemic. Britain has experienced one of the worst recessions in developed countries and is not expected to recover until at least later this year.
