- Eurozone final Q2 Gross Domestic Product revised lower to 0.1% QoQ vs. 0.3% first estimate
Market news
Eurozone final Q2 Gross Domestic Product revised lower to 0.1% QoQ vs. 0.3% first estimate
- The Eurozone economy expanded 0.1% in the second quarter.
- EUR/USD attacks 1.0700 on the downbeat Eurozone GDP data.
The Eurozone economy expanded less than expected in the second quarter of 2023, the final estimate published by Eurostat confirmed on Thursday.
The Gross Domestic Product (GDP) in the old continent expanded by 0.1% in the quarter to June of this year when compared to the previous quarter. The preliminary figure showed a 0.3% growth during the reported period. The market estimated a 0.3% figure.
On an annual basis, the bloc’s GDP grew 0.5%, down from the 0.6% expansion initially estimated while below the market expectation of a 0.6% increase.
Eurozone’s Final Employment Change came in at 0.2% and 1.3% on a quarterly and yearly basis respectively.
Market reaction
The Euro is seeing additional selling pressure after the discouraging Eurozone data, with EUR/USD losing 0.14% on the day to trade at 1.0709.
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