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GDP in Europe confirmed as slow growth

Sept. 6, 2011 at 11:27 AM

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.

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