EU economy grows by 4.2% in Q2, above expectations

ISTANBUL, Turkey 

The European Union (EU) economy grew by 4.2% year-on-year in the second quarter of the year, and 0.7% on a quarterly basis, above market expectations.

According to Eurostat's data on Wednesday, the eurozone economy also expanded by 4.1% and 0.8% over the same period.

Among member countries, Ireland posted the highest annual GDP rise with 10.8% while Germany and Slovakia saw the minimum increases with 1.7%.

On a quarterly basis, Portugal (minus 2.1%), Estonia (minus 1.3%), Latvia (minus 1%), and Lithuania (minus 0.5%) posted negative GDP growth rates, while Romania posted the highest one with 2.1%.

The employment rate grew by 0.4% in both the eurozone and the EU in the second quarter versus the previous quarter, while 2.7% in the eurozone and 2.4% in the EU on a yearly basis.