Euro area GDP grows a bit more quickly than expected in Q2

The euro area's economy expanded a bit more quickly than anticipated during the second quarter.

According to Eurostat, in seasonally adjusted terms, gross domestic product in the euro area grew at a quarter-on-quarter clip of 0.3% (consensus: 0.2%).

Among the bloc's biggest economies, Italy's was weakest, shrinking by 0.3% on the quarter, while in Germany GDP growth dipped by 0.1%.

Spanish GDP growth meanwhile came in at 0.4%, as expected, whilst France's economy grew 0.5% (consensus: 0.1%).

In annual terms, euro area GDP was ahead by 0.6%, which was down from the 1.1% pace observed during the prior three-month stretch.