EU ON THE BRINK: European economic growth HALVES as French finances grind to a halt

Friday, July 29, 2016
By Paul Martin

EUROPE’s economic growth plunged by half in the second quarter of 2016, raising fears the outlook for the bloc is worsening.

By LANA CLEMENTS
Express.co.uk
Fri, Jul 29, 2016

Across the eurozone, gross domestic product (GDP) increased by just 0.3 per cent, falling from 0.6 per cent in the previous quarter, figures from Eurostat showed.

Unemployment was also revealed to be standing at a worrying 10.1 per cent last month.

France shocked onlookers as its economy ground to a complete halt in the three months between between April and June.

Household spending in the eurozone’s second largest economy plunged in the second quarter.

It comes after France has suffered a spate of terrorist attacks, as well as strikes and flood, which are thought to have knocked confidence.

The country’s Finance Minister Michel Sapin said the “disappointing” figures were down to exceptional factors.

However, Spain helped support the bloc, with growth coming in 0.7 per cent.

Experts fear growth in the eurozone could fall further following Britain’s vote to leave the European Union (EU).

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