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.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
2
First MT30 engine for Korean Navy frigates passes acceptance tests First MT30 engine for Korean Navy frigates passes acceptance tests
3
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
4
New National Security Cutter delivered to Coast Guard New National Security Cutter delivered to Coast Guard
5
Rheinmetall, KBR in joint venture bid for British defense entity
Trending News
Video
x
Feedback