Eurozone economy grows 1.2% in Q2

The euro area economy expanded by 1.2% in the second quarter on a yearly basis, exceeding the market expectation of 1%, official figures showed on Monday.

The EU economy also grew by 1.4% over the same period, the statistical authority Eurostat announced.

Malta posted the highest annual GDP increase in the second quarter at 5%, followed by Slovenia with 4.8% and Denmark with 4.6%.

The Romanian economy shrank by 2%, and the Irish economy contracted by 0.4%.

On a quarterly basis, the eurozone economy grew by 0.6%, while the EU economy expanded by 0.7%.

Ireland recorded the highest increase compared with the previous quarter at 10.2%, followed by Slovenia at 1.8% and Lithuania at 1.7%.

Austria was the only member state that recorded a decrease compared with the previous quarter, at 0.1%.