Growth in France disappoints, Greece surprised, Spain cartonne – Boursier.com

the second quarter GDP figures were announced … Within the region, growth has slowed. The recovery remains fragile

(Boursier.com.) – The eurozone growth slowed slightly in the second quarter, according to a first estimate from Eurostat revealed Friday … She stood at 0.3 % quarter on quarter, after 0.4% recorded in the period from January to March, with important differences between countries, and sometimes even a few surprises …

Spain and Greece surprise

Spain recorded one of the best performances of the euro area, with GDP up 1% after + 0.9% registered in the first three months of the year. This is the largest expansion ever for the country since 2007. In July, the IMF had also revised its outlook sharply higher in 2015 … The institution expects a GDP expansion of 3.1 % (+0.6 points compared to the forecast of April), after + 1.4% in 2014. For its part, Greece has surprised all observers by announcing Thursday a growth of 0, 8% over the period, thanks to the good performance of tourism. Economists polled by Reuters on average sought a contraction of 0.8% GDP.

Disappointment in France and Germany

In contrast, France and Germany did less well than expected. Paris has seen its GDP stagnate, while forecasters anticipated a growth of + 0.3%, after rising 0.7% in the first three months of the year. Nothing to panic Bercy provided. Berlin has made state for its part, an expansion of + 0.4% against + 0.5% expected (+ 0.3% in the first quarter). Finally, we note a slowdown in Italy (+ 0.2% after + 0.3%) and a stagnation of growth in Portugal (+ 0.4% in the 1st and 2nd quarter).

China could weigh

For the full year, the IMF and the ECB expect an acceleration of growth in the euro zone, at 1.5% after 0.8% in 2014. The European Central Bank has, however, expressed concern this week elements weighing on the recovery, starting with the economic slowdown in China, which pushed the country’s central bank devalued the yuan, last Tuesday. She was also concerned about the impact of a possible rise in Fed rates in the United States. So for now, the Fed decided to maintain the status quo, its president Janet Yellen spoke of a probable increase by the end of the year.

Finally, the Greek crisis about to be resolved with the agreement on the third international aid plan does not seem to have had any impact on the activity of the euro area. “However, recent increases in sovereign bond yields in some countries in the euro zone reduce the chances of an increase in activity in these countries, there remain financial tensions recurrence risks,” the IMF warned. ..

  Marianne Davril – © 2015 Boursier.com