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Eurozone annual Q2 GDP growth revised upward

Eurozone's GDP growth was confirmed at 0.2% quarter over quarter, while annual GDP growth was revised upward to 1.2% in the second quarter, after seasonal adjustments, according to data from Eurostat.

In the first quarter, eurozone's GDP grew by 0.4% on a quarterly basis and 1.3% on a yearly basis.

Gross fixed capital formation growth accelerated to 0.5% in the second quarter from 0.2% in the previous quarter. Household consumption grew by 0.2% in the second quarter, compared with 0.4% growth in the previous quarter. Both these components positively contributed to GDP growth in the second quarter.

External balance made a negative contribution to GDP growth in the currency bloc during the second quarter.

Eurozone's employment growth decelerated to 0.2% in the second quarter from 0.4% in the previous quarter on a quarterly basis. In annual terms, employment grew by 1.2% in the second quarter after a 1.4% growth rate in the first quarter.