Euro-Area Economy Grew Faster Than Expected in Second Quarter

Euro-Area Economy Grew Faster Than Expected in Second Quarter

The euro-area economy expanded faster than previously reported in the second quarter, bolstered by a surge in consumer spending.

Output increased 2.2% in the three months through June, more than the 2% initially estimated by Eurostat. Household consumption was up 3.7%, with government outlays and investment also contributing to growth.

Since economies across the region reopened after winter lockdowns, risks to the outlook have increased. Persistent supply-chain bottlenecks are damping momentum in manufacturing, and retailers and hospitality providers could see business decline again if customers turn wary of resurgent coronavirus infections and stay home.

Employment also had a stronger rebound in the second quarter, growing 0.7%.

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