The Eurozone economy expanded by 0.8% on the quarter in the three months to June of 2022 vs. 0.6% prior, the final revision confirmed on Wednesday. The market consensus was for a reading of 0.6% in the reported period.
On an annualized basis, the bloc’s GDP rate rose by 4.1% in Q2 vs. 3.9% booked in the first estimate while matching 3.9% expectations.
Meanwhile, the bloc’s Q2 Employment Change arrived at 0.4% QoQ and 2.7% YoY. The employment data surpassed expectations across the time horizon.
FX implications
EUR/USD was last seen trading at 0.9909, up 0.10% on the day. The euro failed to find any inspiration from the upbeat Eurozone GDP and employment data.
About Eurozone GDP
The Gross Domestic Product released by Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered a broad measure of the Eurozone's economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).