Eurozone GDP Growth Revised Up

(RTTNews) - The euro area economy expanded more than initially estimated in the second quarter, revised data from Eurostat showed Monday.

Gross domestic product grew 0.6 percent sequentially after remaining flat in the first quarter. The second quarter growth was revised up from 0.4 percent estimated previously.

On a yearly basis, economic growth doubled to 1.2 percent from 0.6 percent in the preceding period. The initially estimated growth for the second quarter was 1.0 percent.

The expenditure-side of GDP showed that household spending growth improved to 0.4 percent from 0.1 percent. Meanwhile, growth in government spending eased to 0.2 percent from 0.5 percent.

Gross fixed capital formation fell 0.1 percent, following a 0.2 percent drop in the first quarter.

Exports rebounded 3.4 percent after falling 0.6 percent. At the same time, imports growth accelerated to 1.5 percent from 0.6 percent.