Eurozone growth revised up to 0.4% in second quarter: Eurostat

The revised data still demonstrates that the eurozone economy suffered a slowdown in the first half of 2015, despite a massive European Central Bank stimulus programme to boost the fragile recovery after the debt crisis.
The revised data still demonstrates that the eurozone economy suffered a slowdown in the first half of 2015, despite a massive European Central Bank stimulus programme to boost the fragile recovery after the debt crisis.PHOTO: AFP

BRUSSELS (AFP) - The 19-nation eurozone grew by 0.4 per cent in the second quarter, official data showed on Tuesday, revising upward a first estimate that sparked worries about the health of the European economy.

Last month, the EU's Eurostat agency said the eurozone grew by just 0.3 per cent in the April to June period.

Eurostat also updated the first quarter growth figure from 0.4 per cent to 0.5 per cent, boosted by high-growth Ireland which was not included earlier estimates, a Eurostat official said.

The fresh data comes amid growing concerns for the global economy, hit by a slowdown in powerhouse China that has spooked financial markets.

The revised data still demonstrates that the eurozone economy suffered a slowdown in the first half of 2015, despite a massive European Central Bank stimulus programme to boost the fragile recovery after the debt crisis.

Eurostat said that all members of the eurozone expanded in the second quarter, except France, the bloc's second biggest economy after Germany, which posted zero growth.

Export champion Germany grew at the eurozone average, by 0.4 per cent.

Greece managed 0.9 growth in the period that was deeply marked by a political crisis dividing leftist-led Athens with its eurozone creditors.