EU economic growth slows to 0.2% in second quarter
The figures represent a slowdown in growth for the bloc. The EU saw economic growth of 0.5% in Q1 and 0.6% growth for the euro area, according to official figures.
Year-on-year, growth was 1.4% for the euro area in the second quarter and 1.5% in the EU.
Read more: UK economic growth slows between April and June
Spain's growth led the pack on an individual country basis, with its economy growing 0.7%.
Meanwhile, unemployment ticked up by 0.1% in both the euro area and the EU in the second quarter, compared with the previous quarter. In the first quarter of the year, employment had increased by 0.2% in the euro area and had remained stable in the EU.
Meanwhile, the US economy grew 0.7% in the second quarter, while economic growth in the UK slowed to 0.3%, per figures released on Thursday.
The latest data comes as traders scale back bets of ECB rate cuts in the longer-term. A de-escalation in trade tensions with the US alongside a bump in fiscal spending in Germany has kept the need for further reductions at bay.
Reuters reported on Thursday that several investment banks, including Goldman Sachs (GS), have revised their forecasts, now anticipating that the European Central Bank (ECB) has ended its current easing cycle.
While trade risks could still weigh on growth and inflation, these banks believe the ECB, which offered an upbeat assessment of the euro zone economy after its latest meeting, is likely to hold rates at 2% for the foreseeable future, Reuters said.
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