The European Union’s Gross Domestic Product (GDP) grew by 1.9 percent in the second quarter compared with the first quarter. In annual terms, the economy grew by 13.2 percent, according to the data of the European Union statistical office Eurostat. Portugal and Spain are the leaders of the increases.
Eurostat on Tuesday released the latest GDP data. They show that in the second quarter of 2021, the GDP of the European Union increased by 1.9%. compared to the first quarter. In turn, compared to the second quarter of last year, the increase was 13.2 percent. For comparison, in the first quarter there were drops of 0.1% respectively. quarter to quarter and 1.3 percent. Every year.
Better readings are for the euro area. Eurostat data show that in the second quarter, euro area GDP grew by 2.0% quarter on quarter, and in annual terms it increased by 13.6%. While in the first quarter the economy contracted by 0.3 percent. compared to the fourth quarter of 2020 and by 1.3 percent. Every year.
The Office also provided data for individual countries. Portugal was the leader in quarterly GDP growth in the second quarter. Economic growth amounted to 4.9%. quarter to quarter. Growth at the level of 4.3 percent. it was also noted in Austria. On the other hand, there was Cyprus with a GDP growth of 0.2%.
In annual terms, the Spanish economy experienced the greatest growth. The country’s GDP in the second quarter of this year. increased by 19.8 percent. Every year. A slightly lower pace of development – at the level of 18.7 percent. – recorded in France. The lowest increase was in Finland – by 7.4 percent.
In the case of Poland, GDP growth in the second quarter amounted to 1.9%. compared to the previous quarter. However, compared to the same quarter in 2020, it was 10.7 percent.
In all countries – both quarterly and annually – GDP growth was recorded.
Importantly, data for the second quarter are missing for several countries. Estonia, Ireland, Greece, Luxembourg, Malta and Slovenia are on the list.
Main photo source: EPA / Chema Moya