| Eurozone economy slows down in second quarter |
| Thursday,August 16,2007 Posted: 14:42 BJT(0642 GMT) |
| From:www.chinaview.cn Article type:Reproduced |
The eurozone economy slowed down in the second quarter of this year, compared to the first quarter, the European Union's statistics bureau Eurostat estimated on Tuesday. During the second quarter, the gross domestic product (GDP) grew by 0.3 percent quarter on quarter in the 13-nation bloc sharing the same currency euro, slowing down from 0.7 percent in the first quarter. GDP growth dropped more sharply than expected in Germany and France, the two largest economies in the euro zone, with both slowing down from 0.5 percent to 0.3 percent. In Germany, exports remained strong but investment in the construction sector fell, while economic slowdown in France was mainly due to unsound business investment and increasing trade deficit. Compared to a year ago, seasonally adjusted GDP grew by 2.5 percent in the euro zone, after 3.1 percent in the previous quarter. Economists said the economic slowdown may persuade the European Central Bank to have a second thought on its plan to raise the eurozone benchmark interest rate in September, while others expected the eurozone economy to gather strength in the second half of this year. In the 27-nation EU, GDP growth also slowed to 0.5 percent quarter on quarter in the second quarter from 0.7 percent in the first quarter. In comparison, the U.S. economy increased by 0.8 percent compared with the previous quarter, after 0. 2 percent in the first quarter. In Japan, the GDP grew by 0.1 percent in the second quarter of 2007, after 0.8 percent in the first quarter. |
| (Source: English Site of Cyprus) |
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