The Eurozone economy expanded by 0.3% on a quarterly basis in the three months to June of 2023, matching the 0.3% estimates and growing at the same pace seen in the first quarter of 2023, the preliminary release published by Eurostat showed on Wednesday.

The bloc’s GDP rate grew by an annual rate of 0.6% in Q2 vs. 0.6% recorded in Q1 while meeting 0.6% expectations.

Meanwhile, the second quarter Preliminary Employment Change data for the old continent came in at 0.2% and 1.5% on a quarterly and yearly basis respectively.

Market reaction

EUR/USD was last seen trading at 1.0928, up 0.21% on the day. Eurozone GDP data matched expectations and failed to move the needle around the Euro.

About Eurozone Preliminary GDP

The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).