Driven by exports, EU economy grows by 1 percent in second quarter

22:36, September 02, 2010      

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The European Union (EU) economy grew by 1 percent in the second quarter this year over the previous quarter on the back of higher exports, its statistical bureau Eurostat confirmed Thursday.

The figure is in accordance with the first estimate made by Eurostat on August 13.

Compared with the second quarter of 2009, the gross domestic product (GDP) of the 16-nation eurozone and the 27-member EU both grew by 1.9 percent.

Exports continued to be the main driving force behind the robust growth in the second quarter. According to Eurostat, exports increased by 4.4 percent in the eurozone and by 4 percent in the EU. Household consumption expenditure rose by 0.5 percent in both zones, while investment increased by 1.8 percent and 1.7 percent, respectively.

Meanwhile, the United States' GDP increased by 0.4 percent in the second quarter after 0.9 percent in the first quarter. And Japan's GDP growth dropped to 0.1 percent in the second quarter from 1.1 percent in the previous quarter.

Although the EU's economy outpaced the US and Japan in the second quarter, analysts said it might lose its momentum in the second half of the year due to the slowdown in global demand.

Source: Xinhua


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