Eurozone GDP "went up": in the second quarter it increased by 0.3%

The total GDP of the 20 eurozone countries in the second quarter, according to an interim estimate of Eurostat, grew in annual terms by 0.3%. The Greek economy recorded a surplus.

Overall GDP* growth in the euro area appears to have generated a positive boost from trading floors and industry. The cautious optimism of the environment on the Paris stock exchange, in particular, was associated with the expectation of news about the results of the second quarter, writes Euronews.

The most significant growth in quarterly terms was observed in Ireland (+3.3%) and Lithuania (+2.8%), while the largest decrease was recorded in Poland (-3.7%). In France, GDP increased by 0.5%, in particular, due to the delivery of a 330-meter cruise ship to the shipyard in Saint-Nazaire, intended for export. At the same time, weak consumer demand is still noted in the second largest economy of the European Union. Economic growth Germany paused, and the GDP Italy remained in the red-0.3%).

In the eurozone, as in EU, the number of employees increased (by 0.2%) in the second quarter of this year compared to the previous one. In the first quarter of 2023, employment increased by 0.5% in both zones.

Meanwhile, the primary surplus of 3.55 billion euros for seven months, from January to July, was recorded by the Greek economy, writes CNN Greece, compared to a primary surplus target of €1.83 billion and a primary deficit of €1.16 billion over the same period in 2022.

According to preliminary data on the execution of the state budget on a modified cash basis, for January-July 2023, the state budget deficit is 1.43 billion euros, with a deficit plan of 2.32 billion euros for 2023, and a deficit of 4.58 billion euros for the corresponding period 2022.

The net revenues of the state budget amounted to 37,145 million euros, which is 541 million euros or 1.4% less than the target included for the corresponding period in the opening report on the budget for 2023.

*GDP – gross domestic product – is the market value of all goods and services produced in the country for final use, that is, intended for consumption, and not for the production of other goods or services. Also, GDP can be calculated as the total income of citizens, companies and the state for a certain period.

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