Eurozone GDP: Stagnant in the second quarter, grew just 0.7 pc in the 12 months to July
The ECB has released its revised second-quarter GDP figures showing the Eurozone grew 0.7 per cent in the 12 months to the end of July, with the EU 28 expanding 1.2 per cent.
The quarter on quarter figures (seasonally adjusted) showed a stagnant single currency area, and a barely growing EU, which saw growth of only 0.2 per cent.
These revised figures were as expected, and will do nothing to improve sentiment after continued low inflation and high unemployment.
The big four economies, Germany, France, Italy and Spain didn't post the best of results, with Italy's economy still shrinking (albeit at a slower rate) and the other three seeing growth rates reduce:
Germany and Italy recorded a 0.2 per cent decrease in quarter on quarter GDP figures, while France remained stagnant. Exports and imports in the Euro area both recorded marginal growth of 0.5 and 0.3 per cent respectively.