Eurozone Preliminary GDP grows 0.3% QoQ in Q2 vs. 0.3% expected
The Eurozone economy expanded by 0.3% on a quarterly basis in the three months to June of 2023, matching the 0.3% estimates and growing at the same pace seen in the first quarter of 2023, the preliminary release published by Eurostat showed on Wednesday.
The bloc’s GDP rate grew by an annual rate of 0.6% in Q2 vs. 0.6% recorded in Q1 while meeting 0.6% expectations.
Meanwhile, the second quarter Preliminary Employment Change data for the old continent came in at 0.2% and 1.5% on a quarterly and yearly basis respectively.
Market reaction
EUR/USD was last seen trading at 1.0928, up 0.21% on the day. Eurozone GDP data matched expectations and failed to move the needle around the Euro.
About Eurozone Preliminary GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
