DECRYPTION – The unemployment rate in the euro zone fell sharply in June. On the flip side, this upturn in activity is creating inflationary pressures.
After a winter recession, the European economy returned to growth in the spring, driven by progress in anti-Covid vaccination and the gradual lifting of health restrictions. After falling 0.3% at the start of the year, euro area GDP grew by 2% in the second quarter, overtaking the United States (+ 1.6%) and China (+ 1.3% ), this is due in particular to the differentiated impacts of the pandemic. But, unlike the US economy, which has already returned to its pre-crisis level, we will have to wait until the end of the year in Europe at best.
Across the EU as a whole, GDP growth reached 1.9% between April and June. France records the worst performance among the major economies. Germany is also doing less well than expected, with an increase of 1.5%. Activity across the Rhine was more handicapped than elsewhere by supply problems given the size of its automotive industry, which was particularly affected , comments Bert Colijn,
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