NewsRescue
According to Eurostat figures issued on Thursday, Poland’s economy fell 2.2% year on year in the second quarter of this year, the largest drop among EU member states.
According to the report, the overall EU Gross Domestic Product (GDP), a measure of the bloc’s economic activity, increased by 0.2% quarter on quarter, while GDP in the eurozone increased by 0.1%. Seasonally adjusted GDP increased by 0.5% in the eurozone and 0.4% in the EU year on year.
Analysts had predicted a 0.3% gain in quarterly EU results and a 0.6% growth over the previous year, but the statistics fell short of expectations.
According to Eurostat, Lithuania’s GDP increased by 2.9% over the previous quarter, followed by Slovenia.
Apart from Poland, the largest declines were seen in Sweden, where GDP fell by 0.8%, and Austria, where GDP fell by 0.7%. Italy likewise experienced a 0.4% dip.
Eurostat experts remarked that the economies of Germany, Portugal, Norway, and Switzerland had stayed stable in comparison to the previous quarter. However, none of the four countries experienced growth.