EU GDP grows at 1% in second quarter

13 August 2010 11:13  [Source: ICIS news]

LONDON (ICIS)--Gross domestic product (GDP) increased by 1% in both the euro area and in the 27-member European Union (EU), statistics agency Eurostat said on Friday.

In the first quarter, growth rates were 0.2% in both zones, it added.

The rise in GDP was driven by growth in Germany, which reported a record 2.2% expansion of the economy in the second quarter, as well as a 2.9% rise in Lithuania and a 2.0% increase in Estonia.

Greece’s economy contracted by1.5% while both Spain and Portugal saw GDP growth in the quarter of a mere 0.2%.

Compared with the same quarter in 2009, GDP increased by 1.7% in both the euro area and the EU in the second quarter of 2010.

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By: Hilde Ovrebekk
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