Euro Zone Growth Slows; Greek Economy…Expands?

Flash euro zone gross domestic product (GDP) data on Friday showed that the region’s economy grew 0.3 percent in the second quarter on the previous three months, narrowly missing analysts’ forecasts.

Analysts polled by Reuters had forecast a gain of 0.4 percent, the same as seen in the first quarter of 2015—the fastest growth rate seen in almost two years.

Seasonally-adjusted GDP rose by 1.2 percent between April and June on the same quarter last year, compared with 1.0 percent in the first quarter.

Greece released its data on Thursday, which showed the economy grew 0.8 percent in the second quarter—despite posting zero growth between January and March and shrinking during the last three months of 2014.

The country is currently mired in talks about a potential third bailout, which have proved contentious both within the ruling Syriza party and in the broader euro zone.


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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.