The latest data on the health of the Eurozone economy shows a resilient recovery in the second quarter of this year, with double-digit growth in gross domestic product (GDP) and a slight recovery in employment in the region.
According to Eurostat, the region’s official statistical institute, employment grew by 1.8% between April and June compared to the same period last year in the eurozone and among EU countries. The data is still preliminary.
With regard to the difference in the series, that is, taking into account the previous quarter, this indicator grew by 0.5% in the euro area and 0.6% in the European Union, after declining by 0.2% in both three months before the regions.
– EU_Eurostat (EU_Eurostat) August 17, 2021
As for economic growth, according to the final data from the same institute, the region’s GDP confirms a record expansion of 13.6% in the second quarter of this year in the eurozone, a slight decrease compared to the 13.7% announced in the data. preliminary. In the European Union it remained unchanged at 13.2%.
This new data also confirms that the Portuguese economy was the fifth fastest growing among the countries that have already released data in the eurozone (15.5%), behind Spain (19.8%), France (18.7%), Hungary (17.7%) and Italy (17.3%). ).
in the series, The national economy was the most growingIn line with the rapid estimate issued by the same institute at the end of July.
It should be noted, however, that this accelerated growth in these countries occurs once they recorded a strong decline in the previous quarter. Even Portugal was the eurozone country whose economy shrank the most on a quarterly basis, between January and March (-3.2%).
Also in the second quarter of last year, the Portuguese economy contracted by 16.4%, as it was one of the sectors most affected by the restrictions on trading, given its dependence on the tourism sector. Thus, the year-over-year rise this year was also more expressive.
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