Euro Area Economy Beats Expectations with 0.4% Q2 Growth

The euro area economy saw a stronger-than-expected growth in Q2, rising by 0.4 percent quarter on quarter, according to data from the European Commission.

This comes despite heightened geopolitical tensions and rising inflation. The GDP growth was driven primarily by Ireland, which saw its GDP expand by 3.9 percent quarter on quarter.

Bert Colijn, chief economist for the Netherlands at ING, noted that eurozone headline GDP data continues to be distorted significantly by jumps in Irish data, which is influenced by multinational accounting activity.