Eurozone growth revised up in second quarter, driven by Ireland

The eurozone economy grew faster than initially estimated in the second quarter, but the revised figures were heavily influenced by Ireland’s sharp and volatile expansion.

Eurostat said gross domestic product across the euro area rose 0.6% between April and June compared with the previous quarter. Its earlier estimate had put growth at 0.4%. The revised eurozone performance exceeded that of the United States, where GDP grew by about 0.4% in the spring.

Ireland accounted for much of the upward revision. Its economy expanded 10.2% in the quarter, following a 7.8% contraction in the first quarter. Ireland’s GDP depends heavily on pharmaceutical exports and can fluctuate considerably.

Spain also ranked among the eurozone’s strongest performers. The bloc’s fourth-largest economy grew 0.7%, with tourism contributing to the increase. Germany recorded growth of 0.3%, matching the estimate from its federal statistics office.

Austria moved in the opposite direction, with economic output falling 0.1%. France and Belgium failed to record growth during the quarter.