EU’s economy better than estimated

The Eurostat reviewed its projections regarding the contraction of the European and euro zone economies in the second quarter of the year. Compared to the same period last year, the new estimates, released earlier this week, foresee an economic growth of 0.5% in the euro zone and the stagnation of the European economy – better results than those released in August by the EU’s statistical office.

Whilst the previous estimates indicated a drop of 0.7% of Gross Domestic Product (GDP) in the euro zone and of 0.2% in the EU compared to second quarter of 2012, the new statistics show that the eurozone and EU economies have grown by 0.3% and 0.4%, respectively, in the same period this year.

Portugal was also the country that registered the highest GDP growth (1.1%) in the second quarter of the year when compared to the first quarter of 2013.