facebook
twitter
rss
account
search
search
 

GDP in Europe confirmed as slow growth

Sept. 6, 2011 at 11:27 AM   |   Comments

BRUSSELS, Sept. 6 (UPI) -- The European Union's economy grew 0.2 percent in the second quarter compared to the first, the statistical agency Eurostat confirmed Tuesday.

Tuesday's report backs up data released in August, but revises economic growth in the 17-member eurozone from 1.7 percent on an annual basis to 1.6 percent. As released in the so-called flash estimate in August, the economy in the 27-member European Union grew 1.7 percent over the past 12 months, Eurostat said.

The data, in line with expectations, will likely not hurt or help stocks, which are down sharply in Asia, Europe and the United States.

The European statistical office said the gross domestic product grew fastest in the quarter in Lithuania, rising 6.2 percent.

Portugal had the slowest growth rate with the economy contracting 0.9 percent in the second quarter compared to the first.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
FBI arrests Google employee accused of nude photo scam FBI arrests Google employee accused of nude photo scam
2
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
3
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
4
Harris selected for geospatial data products Harris selected for geospatial data products
5
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
Trending News
Around the Web
x
Feedback