Eurozone records slight growth of 0.1% in the second quarter

The eurozone’s gross domestic product (GDP) grew slightly by 0.1% in the second quarter of this year, according to preliminary data released by the European Commission’s statistical office.

Spain and France contributed to the eurozone’s growth, with Spain’s economy growing by 0.7%, while France’s growth rate was 0.3%.

In contrast, Germany and Italy each suffered a slight economic contraction of 0.1%, directly impacted by new US trade restrictions.

Year-on-year, the eurozone’s GDP rose by 1.4%, while the European Union as a whole saw slightly higher growth, increasing by 1.5% annually and 0.2% quarter-on-quarter.

This data comes days after the signing of a new trade agreement between the European Union and the United States on July 27, which imposes a minimum tariff of 15% on most EU exports to the US market, replacing the previous general tariff of 10%.