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Economic growth in the euro area fell to 0.2% in the second quarter, the Eurostat statistics agency said on Wednesday. The economy of the euro area grew by 0.4% in the first quarter.
Annual growth was 1.1%. In the previous quarter, growth was 1.2% over the previous year
. Unemployment fell to 7.5% in June, its lowest level in eleven years. Greece and Spain still record the highest unemployment rates, with respectively 17.6% and 14%.
In the European Union, the unemployment rate in the Czech Republic is at its lowest (1.9%). The Netherlands also has a relatively low unemployment rate of 3.4%.
Inflation declines in July
Inflation, rising prices, also declined. In July, inflation was 1.1%. A month earlier, Eurostat had announced an inflation rate of 1.3% in June. Excluding unstable prices for food, energy, alcohol and tobacco, prices rose 0.9% in July.
On Tuesday, it was announced that economic growth in France in the second quarter was slightly lower than forecast. This was a 0.2% increase over the previous quarter. The growth of the Spanish economy also slowed to 0.5%.
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