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Europe records modest Q2 growth while US economy outpaces expectations
Posted on August 1, 2024 |
Europe's economy grew by 0.3% in the April-June quarter across the 20 eurozone countries.
Germany, the largest eurozone economy, saw a 0.1% contraction in output.
This modest growth follows a similar 0.3% increase in GDP from January to March, ending a period of stagnation.
The US economy grew 0.7% from the first to the second quarter, with an annualized growth rate of 2.8%.
US growth is supported by strong consumer spending, increased government spending, and investments in renewable energy and semiconductor production.
The data shows a continuing growth gap between Europe and the US, with Europe’s growth lagging.
The US benefits from larger budget deficits and subsidies, boosting its economic performance compared to Europe.