However, data published today by the EU statistical office confirmed a two-speed recovery, led by the above-mentioned powers such as Germany, which recorded a rise of 2.2% of GDP, well above the 0.2% lived in Spain and Portugal, or the decrease of 1.5% in Greece, the only European economy remained in recession.
Specifically, the GDP rose 1% in both euro area and in the whole EU, as the first revision of GDP data for the second quarter, which confirms the figures put forward by the statistical office on 13 August and the European economy is accelerated.
This is the fourth consecutive quarter that the European economy is expanding and has done so at a rate considerably higher than the previous two quarters of 0.3% and 0.2%, which confirms the strengthening recovery in the Old Continent.
The European economy is accelerated
Furthermore, the second estimate published today by Eurostat modified slightly upward the interannual evolution of European GDP in the last twelve months increased 1.9% in both euro area and in the whole EU, rather than a , 7% announced earlier and the European economy is accelerated.
The evolution of the previous year quarter also has been changed up to the two areas where the economy expanded by 0.8% and 0.7% instead of 0.6% and 0.5%.
Thus, the European economy performed better than its main competitors, the United States and Japan in the second quarter grew less than expected and the European economy is accelerated.
Furthermore, the second estimate published today by Eurostat modified slightly upward the interannual evolution of European GDP in the last twelve months increased 1.9% in both euro area and in the whole EU, rather than a , 7% announced earlier and the European economy is accelerated.
Thus, the European economy performed better than its main competitors, the United States and Japan in the second quarter grew less than expected and the European economy is accelerated.
The U.S. economy expanded by 0.4% (compared to 0.9% from January to March 2010) and the Japanese did 0.1% (from 1.1% the previous quarter), but in terms interannual United States remains ahead of Europe, registering a GDP growth of 3% in the second quarter.
In this improved economic situation in Europe helped the export performance, which progressed 4.4% in the euro area and a 4% across the EU (compared to 2.4% and 2% experienced the previous three months).
European economy increases
Imports also rose 4.4% in the euro area and 4% in the Twenty-seven (after posting respective rises of 4% and 3.6% the previous quarter), while investments increased by 1, 8% and 1.7% respectively, following paths decreases of 0.4% and 0.6% in the previous three months.
Also, households whose behavior improved slightly in the second quarter, whose final consumption increased by 0.5% in both euro area and in the whole EU, after increases of 0.2% and 0, 1% respectively in the previous quarter.Beyond Germany, the major economies of the region also contributed to the good data, to quarterly GDP growth of 1.2% in the UK (Eurostat has amended tenth up its data for that period), from 0.9% in Holland, France 0.6% and 0.4% in Italy and the European economy is accelerated.
In this improved economic situation in Europe helped the export performance, which progressed 4.4% in the euro area and a 4% across the EU (compared to 2.4% and 2% experienced the previous three months).
European economy increases
Imports also rose 4.4% in the euro area and 4% in the Twenty-seven (after posting respective rises of 4% and 3.6% the previous quarter), while investments increased by 1, 8% and 1.7% respectively, following paths decreases of 0.4% and 0.6% in the previous three months.
Also, households whose behavior improved slightly in the second quarter, whose final consumption increased by 0.5% in both euro area and in the whole EU, after increases of 0.2% and 0, 1% respectively in the previous quarter.Beyond Germany, the major economies of the region also contributed to the good data, to quarterly GDP growth of 1.2% in the UK (Eurostat has amended tenth up its data for that period), from 0.9% in Holland, France 0.6% and 0.4% in Italy and the European economy is accelerated.
However, other countries such as Spain and Portugal had cited more anemic growth of 0.2%, Latvia, and Hungary 0.1%, 0%.
On the negative side stood only Greece, where the recession has worsened, as shown in the quarterly GDP falling by 1.5% due to government spending cuts in place to avoid bankruptcy the country and falling demand.
On the negative side stood only Greece, where the recession has worsened, as shown in the quarterly GDP falling by 1.5% due to government spending cuts in place to avoid bankruptcy the country and falling demand.
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