THEEurozone emerges from the recession, Italy does not. According to an initial update of the estimates released by Eurostat, in the second quarter the GDP of the currency area grew by 0,3% compared to the previous three months. Positive numbers that are added to those on the ascent of thePMI index relating to services.
The recovery of GDP is similar to that published in the preliminary estimate, while in the comparison on an annual basis the figure has been revised upwards: -0,5%, compared to the -0,7% previously indicated. In the first quarter, the GDP of the euro area had recorded a drop of 1% compared to the same period of 2012.
Widening the gaze to the whole European Union, the GDP trend was fixed at +0,4% compared to the first quarter with an upward correction of the first mid-August forecast (+0,3%); compared to the second quarter of 2012 the figure has been revised to zero growth compared to the 0,2% recession estimated in August.
However, the recovery is by no means homogeneous. The our country between April and June there was a drop in GDP of 0,2% compared to the first three months of the year. Italy is therefore still in recession, even if the fall is slowing down (the contraction was 0,6% in the first quarter).
The most significant growth was recorded in Portugal (+1,1%), followed by Germany, Lithuania, Finland and the United Kingdom (0,7%). France at +0,5%. Like Italy, Cyprus (-1,4%), Slovenia (-0,3%), the Netherlands (-0,2%) and Spain (-0,1%) are also in the red.
As for the consumption, retail sales in the Eurozone recorded a +0,1% month-on-month increase in July, after -0,7% in June. In comparison on an annual basis, however, the dynamics of sales remain negative: -1,3% in July after -1,1% in the previous month.
