The economies of the eurozone expanded in April, May, and June.
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| Eurostat report on Eurozone's GDP growth |
According to Eurostat, the European statistics agency, the GDP expanded by 0.3% from a quarter earlier.
Eurostat announced a 0.1 percent decrease for the first quarter in June. The final quarter of 2022 also showed a decrease, hence this indicated a recession in the eurozone. The statistics agency has since updated those data.
According to recent data, the economies of the eurozone countries stalled rather than growing during the first quarter. Therefore, the existence of a recession was ruled out, according to the statistics office. The fourth quarter of last year's decline of 0.1 percent was maintained.
Even while the Eurozone's GDP expanded in the second quarter, the overall European Union's economy did not. Growth slowed down in that area.
The biggest economy in Europe, Germany, had no growth in the most recent quarter. Unexpectedly, the French economy expanded by 0.5 percent in the second quarter.