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Euro zone GDP rises less-than-expected in Q2

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Forexpros - The euro zone's economy grew less-than-expected in the second quarter of 2011, official preliminary data showed on Tuesday.

In a report, Eurostat said that the euro zone's gross domestic product increased by a seasonally adjusted 0.2% during the second quarter, slowing from growth of 0.8% in the preceding quarter.

Analysts had expected the euro zone's economy to grow by 0.3% during the second quarter.

Year-on-year, euro zone GDP grew at an annualized rate of 1.7%, after rising at a rate of 2.5% in the previous quarter and below expectations for a 1.8% gain.

Following the release of that data, the euro was down against the U.S. dollar, with EUR/USD falling 0.33% to hit 1.4395.

Meanwhile, European stock markets were sharply lower. The EURO STOXX 50 plunged 1.75%, France's CAC 40 tumbled 1.7%, Germany's DAX sank 2.1%, while the FTSE 100 dropped 1.15%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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