European GDP continues to rise as US growth falters

The European Union has registered a 0.6 per cent increase in GDP during the second quarter of the year, when compared to the first quarter, a figure shared by the Eurozone.

The United States, on the other hand, saw a decline of 0.2 per cent, after another decline of 0.4 per cent during the first quarter. Its two successive quarters of a shrinking economy would put it in recession by conventional measures, although this has not been officially announced.

When compared to the same quarter of 2021, the EU registered a 3.9 per cent increase in GDP, while the Eurozone saw a four per cent increase. During the first quarter of the year, GDP increase by 5.4 per cent and 5.5 per cent respectively.

The US meanwhile recorded 1.6 per cent growth in GDP during the second quarter when compared to the corresponding period of the previous year, after seeing a 3.5 per cent year-on-year increase during the first quarter.

Employment also continued to grow, with the number of employed persons increasing by 0.3 per cent in both the EU and the euro area. When compared with the same quarter of 2021, employment increase by 2.3 per cent in the EU and by 2.4 pe cent in the Eurozone.