Eurozone growth halved in Q2

The slide is seen likely due to oil price impacts more than Brexit nerves.

The GDP decrease was in line with market expectations. Picture: AFP/ Getty.

Official figures show that economic growth across the 19-country eurozone halved in the second quarter of the year, a development that’s probably more likely due to the fading boost from a lower oil prices and weaker euro than to concerns in the run-up to the Brexit vote.

Eurostat, the EU’s statistics agency, said on Friday that growth across the single currency bloc moderated to a quarterly rate of 0.3 per cent from the previous quarter’s 0.6 per cent. The decrease was in line with market expectations.

Separately, Eurostat said consumer prices across the region rose to 0.2 per cent in the year to July from the previous month’s 0.1 per cent and that the eurozone unemployment in June was unchanged at 10.1 per cent.

AP