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Eurozone annual GDP growth revised lower to 2.1% in Q2

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Eurozone annual GDP growth revised lower to 2.1% in Q2

The eurozone's annual economic growth slowed to 2.1% in the second quarter from 2.4% in the first quarter, according to Eurostat.

Economic growth in the single-currency area was revised lower from a previous estimate of 2.2%, while the first-quarter figure was downwardly revised from 2.5%.

On a quarter-over-quarter basis, GDP grew by 0.4% in the second quarter, in line with the previous estimate and at the same pace in the first quarter.

External balance's contribution to GDP growth was negative in the second quarter as a 0.3 percentage point contribution from exports was offset by a negative 0.5 percentage point impact from imports.

Gross fixed capital formation contributed 0.3 percentage point to GDP growth, while household spending, government expenditure and changes in inventories contributed 0.1 percentage point each.