(Eurostat) The gross domestic product in the euro area rose by 2.2% quarter over quarter in the second quarter, higher than the EU’s 2.1% jump in the same period.
Fig: Euro Area and EU GDP Growth Rates
The gain in GDP in the euro area and EU happens after a 0.3% and 0.1% slip in both zones respectively, in the first quarter.
Compared to the second quarter of 2020, GDP was up by 14.3% in the euro area and 13.8% in the EU.
By member states, Ireland, Portugal, Latvia, and Estonia had the highest GDP increases at 6.3%, 4.9%, 4.4%, and 4.3%, respectively, in the second quarter from the first. Malta and Croatia posted GDP declines of 0.5% and 0.2%, respectively.
The GDP increase in the euro area and EU in the second quarter means that it surpasses that of the US, which grew by 1.6% in the same period from the first quarter of this year.
In the second quarter, employment grew by 0.7% in both the euro area and EU from the first quarter.
Compared to the second quarter of 2020, employment was up by 1.8% and 1.9% in the euro area and EU, respectively.
Compared to the same quarter of 2020, labor productivity based on persons was up by 12.2% in the euro area and 11.6% in the EU. The productivity was down by 1.5% in the euro area and up by 0.3% in the EU based on hours worked.
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