The MSC China is being seen at the dock in Antwerp, Belgium, on July 18, 2024. The Mediterranean Shipping Company (MSC) is an international shipping line founded by Gianluigi Aponte in Italy in 1970.
Jonathan Raa | Nurphoto | Getty Images
The euro zone’s economy grew by more than expected in the second quarter of 2024, flash figures from the European Union’s statistics office showed Tuesday.
The zone’s gross domestic product rose by 0.3% in the three months to the end of June compared to the previous quarter, the data showed. Economists polled by Reuters had expected a 0.2% increase on a quarterly basis.
First-quarter GDP was confirmed at 0.3%, unchanged from the initial reading announced earlier this year.
The euro zone entered a technical recession in the second half of 2023, as GDP contracted in both the third and fourth quarter of the year, according to revised figures released earlier this year.
Data released earlier in the day showed that the euro zone’s largest economy Germany unexpectedly shrank by 0.1% in the second quarter — coming in below the expectations of analysts polled by Reuters, who had anticipated the country’s GDP to grow by 0.1%.
Germany was one of just four countries whose GDP fell in the three months to the end of June, according to the European Union’s statistics office. Latvia, Sweden and Hungary were the other three countries that posted contractions.
Ireland meanwhile recorded the biggest growth at 1.2% in the second quarter, while the euro zone’s second-largest economy, France, logged GDP growth of 0.3% over the same period, its statistics office said Tuesday.
This is a breaking news story, please check back for updates.