Eurozone GDP misses forecast in second quarter

The Eurozone economy grew at a slower-than-expected pace in the second quarter, data released on Friday showed.

According to figures published by European Union's statistics office in its first estimate, gross domestic product (GDP) in the 19-country bloc grew 0.3% quarter-on-quarter in the three months to the end of June, which represents a 1.2% climb year-on-year.

Both figures came in short of forecast, as analysts had expected a 0.4% gain on the quarter and a 1.3% rise from the corresponding period in 2014.

The slower-than-expected growth adds to the Eurozone woes, after a report on Wednesday showed that industrial output shrank by more-than-expected in June.

"With the recovery too weak to generate inflation, the ECB is set to maintain and perhaps extend its policy support," said analysts at Capital Economics.