EPP Europe P2.2023
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Source: Pixabay<br />
IPC August 2023 Economic Outlook report<br />
IPC: Eurozone economy grows in Q2 2023<br />
zone region. While Germany’s<br />
economy remained<br />
stagnant, showing no signs<br />
of growth, Italy’s economy<br />
shrunk by 0.3 %, a decline<br />
exacerbated by a worsening<br />
manufacturing sector.<br />
Meanwhile, the economies<br />
of France and Spain demonstrated<br />
positive growth.<br />
France expanded 0.5 %<br />
and Spain was up 0.4 %<br />
This growth was propelled<br />
by a surge in exports in<br />
France and a rebound in<br />
domestic demand in Spain.<br />
The forecast for U.S. economic<br />
growth, initially expected<br />
to be 0.5 percent at<br />
the beginning of 2023, is<br />
now expected to grow by<br />
2 percent, the report said.<br />
Additional data in the August<br />
IPC Economic Outlook<br />
showed:<br />
• In the U.S., infrastructure<br />
investments are poised to<br />
give a boost to the construction<br />
sector, potentially<br />
offsetting some of<br />
the slowdown in other<br />
areas of the economy.<br />
• The U.S. manufacturing<br />
sector recorded a strong<br />
month, reporting output<br />
gains rose 0.5 percent in<br />
July, the first gain in three<br />
months. Auto and nonauto<br />
manufacturing both<br />
posted increases, rising 5.2<br />
percent and 0.1 percent,<br />
respectively.<br />
• In <strong>Europe</strong>, the economies of France and<br />
Spain demonstrated positive growth,<br />
spurred by a surge in exports in France<br />
and a rebound in domestic demand in<br />
Spain.<br />
• In the second quarter of 2023, employment<br />
rose by 0.2 percent in both the Eurozone<br />
and the EU. During the first<br />
quarter of 2023, both regions witnessed a<br />
The 0.3 % growth compared to the previous<br />
quarter is most substantial growth since Q2 2022<br />
Economic growth in the Eurozone expanded<br />
by 0.3 % in Q2 compared to the<br />
previous quarter, IPC has reported in its<br />
August economic outlook. This marks the<br />
most substantial growth since Q2 2022<br />
and follows a Q1 that saw no sequential<br />
growth. The industry association also reported<br />
that there were significant variations<br />
across different areas in the Euromore<br />
substantial increase in employment,<br />
with a growth rate of 0.5 percent.<br />
Visit www.ipc.org/advocacy/industry-in<br />
telligence for more.<br />
www.ipc.org<br />
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