The Eurozone returned positive growth figures in the second quarter, with a higher-than-expected expansion in gross domestic product. GDP grew 0.3% – a Reuters poll of economists had predicted 0.2%.
France and Spain saw a sustained rate of growth, while Germany saw no growth. Italy suffered a mild contraction.
Eurozone inflation also fell more than expected in July, with consumer prices growing by 5.3% compared with 5.5% in June. While still a long way from the European Central Bank's target of 2%, the data does point to an ongoing cooling in the bloc.
However, manufacturing activity across the Eurozone fell in July due to weaker global demand, reaching its lowest levels since the onset of COVID-19.
weforum