Eurozone economy recovers as estimated in second quarter

The euro area economy recovered from a technical recession in the second quarter, flash estimate from Eurostat showed on Tuesday.

Gross domestic product grew 2 per cent sequentially, in contrast to a 0.3 per cent drop in the first quarter. The quarter-on-quarter growth rate matched the flash estimate released on July 30.

On a yearly basis, GDP rebounded 13.6 per cent after shrinking 1.3 per cent in the first quarter. The annual rate was revised down from 13.7 per cent.

Data showed that the number of employed persons increased 0.5 per cent on quarter, reversing a 0.2 per cent fall in the first quarter.

Year-on-year, employment rebounded 1.8 per cent, offsetting last quarter’s 1.8 per cent decline.