Eurozone and European Union Q2 2019 growth slows to just to 0.2% (QoQ); Quarterly growth slowest in 5 years

Seasonally adjusted Gross Domestic Product (GDP) rose by 0.2% in both the Eurozone (EA19) and the European Union (EU28) during Q2 2019, compared with Q1 2019, according to a preliminary estimate published by Eurostat. Quarterly growth is now slowest in 5 years.

Eurozone European Union GDP Growth until Q2 2019

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Eurozone government debt to GDP at 86% and European Union government debt to GDP at 81%; Government debt to GDP soars for Cyprus and Greece

Government debt to GDP for the Eurozone stood at 85.9% at the end of Q1 2019 (as against 87.1% at the end of Q1 2018). For the European Union, the number was 80.7% (as against 81.6% at the end of Q1 2018).

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The European Central Bank or ECB balance sheet is 4.7 trillion Euros or over 40% of Eurozone GDP (July 2019 edition)

Apparently, the European Central Bank (ECB) balance sheet was meant to shrink significantly in 2019. It has shrunk just 0.5% in 2019 until July 5th (as against 5% for the Federal Reserve in the same period).

At 4.67 trillion Euros (or around 41% of Euro area or Eurozone GDP), it doesn’t look like things are going to change quickly.

ECB Balance Sheet until July 2019

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Germany still accounts for most of the current account surplus of the European Union

The seasonally adjusted current account of the balance of payments for the European Union was a surplus of €40.5billion or 1% of GDP in the first quarter (Q1) of 2019, up from a surplus of €40.2billion or 1.0% of GDP in the fourth quarter (Q4) of 2018 and down from a surplus of €58.3billion or 1.5% of GDP in the first quarter (Q1) of 2018, according to estimates released by Eurostat.

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Eurozone unemployment lowest since 2008 and European Union unemployment lowest since 2000

The Eurozone or Euro area (EA) seasonally-adjusted unemployment rate was 7.7% in March 2019, down from 7.8% in February 2019 and from 8.5% in March 2018. This is the lowest rate recorded in the euro area since September 2008.

The European Union (EU) unemployment rate was 6.4% in March 2019, down from 6.5% in February 2019 and from 7.0% in March 2018. This is the lowest rate recorded in the European Union since January 2000.

EU unemployment rate upto March 2019

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Eurozone Q1 2019 GDP up by 0.4% and European Union Q1 2019 GDP up by 0.5%; Italy out of Recession

Seasonally adjusted GDP rose by 0.4% in the Eurozone or Euro area (EA) and by 0.5% in the European Union during Q1 (first quarter) of 2019, compared with Q4 2018, according to a preliminary flash estimate published by Eurostat, the statistical office of the European Union.

EU and Eurozone GDP growth up to Q1 2019

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Interest rates are headed downwards as global bond yields are falling quickly again

At the start of 2019 we wrote that 2019 will be a year that will be different with interest rate hikes slowing or interest rates even reversing.

Earlier this month the European Central Bank said interest rates would remain at record lows at least until the end of the year and then last week this was followed by the Federal Reserve saying that it does not expect an interest rate rise for the U.S. for the rest of 2019.

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European Union and Eurozone trade statistics for 2018 – EU swings to a trade deficit; EU – record trade surplus with the U.S. and record trade deficit with Russia; UK had largest intra-EU trade deficit

The first estimate of Euro area or Eurozone (EA19) and European Union (EU28) trade statistics by Eurostat for 2018 reveals several interesting insights.

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