GDP grows 0.3% in the euro area in the second quarter of the year

The Spanish economy recorded an advance of 0.4% in the first quarter of the year; the best results were obtained by Ireland and Lithuania while Poland and Sweden are at the bottom

The economic activity of the euro area expanded by 0.3% in the second quarter of the year, while the GDP of the European Union as a whole remained stable in the same period, according to data released this Wednesday by the community statistics office Eurostat.

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The community statistical body thus maintains its quarterly estimates published at the end of July for the countries that share the euro and for the EU as a whole, as well as for Spain, where the increase in GDP is confirmed at 0.4% between April and June this year for Eurostat.

In the first quarter of 2023, economic activity had remained stable in the single currency countries and had increased by 0.2% in the Twenty-seven, while in the period between April and June 2022 GDP had increased by 0.6% in the euro area and 0.5% in the EU as a whole.

Among the Member States for which Eurostat data is available, the largest GDP increases in the second quarter of this year were recorded in Ireland (3.3%) and Lithuania (2.8%), while the sharpest declines they took place in Poland (-3.7%) and Sweden (-1.5%).

In the year-on-year comparison, Ireland (2.8%), Romania (2.7%), Portugal and Cyprus (both 2.3%) posted the highest increases in their GDP compared to the second quarter of 2022, while the Economic activity fell further in that period in Estonia (-3%), Sweden (-2.4%) and Hungary (-2.3%).

In the case of the Spanish economy, after noting an increase of 0.4% compared to the first quarter of the year, the interannual increase between April and June was 1.8%.

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