The eurozone and European Union economies grew only modestly in the second quarter, Eurostat reported, slightly lowering estimates, and Croatia was among the fastest-growing countries, tied with Spain.

The economy of the eurozone and the EU as a whole grew from April to June by 0.2 percent compared to the previous three months, when it grew by 0.3 percent. Estimates released in mid-August showed activity in both areas increased by 0.3 percent.

In early June, the European Statistics Office noted that by October it would publish most of the member countries' revised quarterly and annual data on national accounts and balance of payments as part of harmonized changes in reference values ​​and inclusion in calculations of new data sources and changes in methodology.

The Polish economy grew more strongly in the second quarter - 1.5 percent compared to the first three months. Greece and the Netherlands follow with an increase in activity of 1.1 and 1 percent, respectively.

Croatia is also close, with an increase in economic activity from April to June of 0.8 percent compared to the previous quarter when it increased by 1 percent. The same growth rate was recorded in the spring quarter by Spain. The Romanian and Portuguese economies grew the most by 0.1 percent, while Estonia's economy stagnated.

The strongest decline in activity at the quarterly level was recorded by Ireland - 1 percent, followed by Latvia, with a decrease in activity of 0.9 percent. Austria is also close, whose gross domestic product decreased by 0.4 percent. The largest European economy, that of Germany, shrank in the second quarter - 0.1 percent.

Compared to the same period last year, the eurozone economy grew in the second quarter by 0.6 percent and activity in the EU by 0.8 percent, in line with mid-August estimates. In the first quarter, the gross domestic product of the eurozone increased by 0.5 percent and that of the EU by 0.7 percent.

At the beginning of the year, economic activity in both areas moved away from the threshold of stagnation in the second half of 2023, according to Eurostat. The economy of Malta recorded the strongest growth in the second quarter with an annual basis of 4.2 percent, followed by Poland and Cyprus with growth rates of 4, 3.7 percent respectively.

Croatian gross domestic product increased by 3 percent in the second quarter compared to the same period in 2023. In the first quarter, it is higher by 3.9 percent, according to Eurostat. Spain is also almost on par with Croatia on an annual basis, with a second quarter growth rate of 2.9 percent.

The biggest decline in activity compared to the second quarter of last year was recorded by Ireland - 4.1 percent. Estonia and Finland follow, with a decrease of 1.3 and 1.2 percent, respectively.