Economic activity in the euro area grew more than expected last quarter thanks partly to strong showings from France and Spain.
The EU statistics office Eurostat said seasonally adjusted Eurozone GDP expanded at a quarterly rate of 0.1% q/q in Q2, which outpaced the expectation for a flat result but fell well short of Q1’s 0.6%, when frontloading ahead of US tariffs drove business activity.
Q2 growth was up 1.4% from the year-earlier period. This missed the market forecast of 1.5% but beat the 1.2% increase in the first three months of the 2025.
“A broad-based recovery within the Eurozone would require more investment,” wrote Thomas Gitzel, chief economist at VP Bank. “An economic upturn is characterised by fixed asset investments growing faster than domestic income. So far, there are no signs that corporate investment activity will accelerate in the current year. Meanwhile, lower interest rates and German infrastructure spending could usher in a turnaround in 2026.”
Winners and losers
Europe’s four biggest economies offered mixed results last quarter. Germany, the euro area’s largest economy, said Wednesday that GDP shrank 0.1% q/q, which matched estimates and followed the downwardly adjusted 0.3% improvement in the first three months of the year. The German statistics office Destatis said it has instituted a range of adjustments, which pushed the Q4 2024 value to a rise of 0.2% from the previous decline of 0.2%.
Growth in France, the second-largest economy in the euro area, rose to 0.3% versus Q1’s 0.1%, which was also the estimate, according to data announced Wednesday.
Italy also released its Q2 numbers Wednesday, with GDP unexpectedly down 0.1% versus growth of 0.3% in the previous quarter and an estimate for a 0.1% increase last quarter.
Spain said in a preliminary report Tuesday that its economy grew at a quarterly rate of 0.7% versus the consensus of 0.6%, which was also the result for Q1.
This surprise Q2 growth in the Eurozone—however meek—will likely add confidence to those voices saying the European Central Bank’s year-long rate reduction cycle ended in June. Officials left rates unchanged last week, as expected.
Analysts posit that German growth should improve this year on government plans to increase spending on infrastructure and defence.
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/*jshint esversion: 6 */
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var distributor_server = 3010;
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case 'RequestMessageSearch': request_message_search(msg.data); break;
case 'RequestMoreMessages': request_more_messages(msg.data); break;
case 'PlayerDisconnectedAnnoucementTimeoutStart': player_disconnected_annoucement_timeout_start(); break;
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data_array.logs = data.logs;
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function request_message_search(data) {
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function request_more_messages(data) {
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if (socket.readyState == 1) { socket.send(msg_string); }
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function check_channel_status(data) {
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function check_channel_status_response(data) {
postMessage({ action: 'CheckChannelStatusReponse', stream_status: data.stream_status.status, onair: data.stream_status.onair, connected: data.stream_status.connected });
}
function join_publisher_channel(data) {
var data_array = {};
data_array.type = 'join_publisher_channel';
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else {
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data_array.subscriber_group = data.subscriber_group;
data_array.display_name = data.display_name;
data_array.single_sign_on = data.single_sign_on;
data_array.remote_ip = data.remote_ip;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
data_array.from_react = data.from_react;
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var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) {
socket.send(msg_string); }
postMessage({action: 'PublisherChannelJoined' });
}
function session_static_info(msg) {
set_static_session_info(msg.data);
start_log();
}
function connect_to_distributor(msg) {
publisher_channel = msg.data.publisher_channel;
remote_ip = msg.data.remote_ip;
socket = new WebSocket("wss://ws.livesquawk.com/ws"+distributor_server);
socket.onopen = function(event) { request_server_assignment(); };
socket.onmessage = function(event) {
var msg_string = event.data.toString();
var data = JSON.parse(msg_string);
switch(data.type) {
case 'server_assignment_response': server_assignment_response(data); break;
}
};
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function session_info_interval() {
postMessage({action: 'RequestSessionInfo' });
logging_interval = setTimeout(session_info_interval,logging_interval_time);
}
function server_assignment_response(data) {
assigned_server = data.selected_server;
socket.close();
connect_to_assigned_server();
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function request_server_assignment() {
var data_array = {};
data_array.type = 'request_server_assignment';
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socket = new WebSocket("wss://ws.livesquawk.com/ws"+assigned_server);
socket.onopen = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "Connected to server "+assigned_server });
console.log("Connected to server "+assigned_server);
postMessage({ action: 'ConnectedToAssigned' });
connected_to_assigned = true;
if (playing) {
postMessage({ action: 'RejoinPlayerChannel' });
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socket.onmessage = function(event) {
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var data = JSON.parse(msg_string);
if (data.type != 'server_ping') { /* console.log(data.type); */ }
switch(data.type) {
case 'reconnect': postMessage({ action: 'VisibleConsole',console_string: "Reconnected" }); break;
case 'reload': postMessage({ action: 'Reload' }); break;
case 'start_log_response': start_log_response(data); break;
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case 'application_refresh_stop': application_refresh_stop(data); break;
case 'player_log_request':
case 'check_channel_status_response': check_channel_status_response(data); break;
case 'PlayerLogRequest':
case 'new_tweet':
case 'new_latest_news':
case 'delete_report':
case 'add_report':
case 'add_ref_doc':
case 'calendar_change':
case 'calendar_insert':
case 'calendar_delete':
case 'new_note':
case 'AppStart':
case 'AppStop':
case 'BroadcasterStarted':
case 'BroadcasterStopped':
case 'added_cme_report':
case 'updated_cme_report':
case 'added_cme_commentary':
case 'updated_cme_commentary':
case 'server_assignment_response':
case 'initial_messages':
case 'message_categories':
case 'more_messages':
case 'matched_messages':
pass_straight_to_post_message(data);
break;
case 'output':
case 'server_ping':
case 'reconnect':
case 'disconnect':
break;
}
};
socket.onerror = function(event) {
postMessage({ action: 'VisibleConsole',console_string: "LS Socket Error" + event.type });
console.log(event);
postMessage({ action: 'LSSocketConnectionError' });
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socket.onclose = function(event) {
console.log('Socket is closed. Reconnect will be attempted in 1 second.', event.reason);
socket_close_timeout = setTimeout(connect_to_assigned_server, reconnection_delay);
reconnection_delay = reconnection_delay*reconnectionDelayGrowFactor;
connected_to_assigned = false;
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function close_socket() {
clearTimeout(socket_close_timeout);
socket_close_timeout = null;
socket.onclose = function(event) {};
socket.onmessage = function(event) {};
socket.onerror = function(event) {};
socket.close(1000);
console.log('Socket Closed');
}
function pass_straight_to_post_message(data) {
data.action = data.type;
postMessage(data);
}
function join_player_channel(data) {
var data_array = {};
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data_array.player_channel = data.player_channel;
data_array.remote_ip = data.remote_ip;
data_array.username = data.username;
data_array.app_name = data.app_name;
data_array.onair_status = data.onair_status;
data_array.http_referrer = data.http_referrer;
data_array.current_page = data.current_page;
data_array.php_session_id = data.php_session_id;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
postMessage({action: 'PlayerChannelJoined' });
playing = true;
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function start_log_response(data) {
session_info.session_id = data.log_record_id;
session_info_interval();
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function application_refresh_start(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStart' }); }
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function application_refresh_stop(data) {
if (data.app_name == session_info.application_name) { postMessage({action: 'ApplicationRefreshStop' }); }
}
function set_static_session_info(data) {
session_info.browser_codename = data.browser_codename;
session_info.browser_name = data.browser_name;
session_info.user_agent = data.user_agent;
session_info.browser_version = data.browser_version;
session_info.cookies_enabled = data.cookies_enabled;
session_info.platform = data.platform;
session_info.player_version = data.player_version;
session_info.stream = data.stream;
session_info.connection_protocol = data.protocol;
session_info.delay_target = data.delay_target;
session_info.session_email = data.session_email;
session_info.remote_ip = data.remote_ip;
session_info.php_session_id = data.php_session_id;
session_info.application_name = data.application_name;
session_info.http_referrer = data.http_referrer;
}
function start_log() {
var session_start_date = new Date();
session_start_time = session_start_date.getTime();
var months = ['Jan','Feb','Mar','Apr','May','Jun','Jul','Aug','Sep','Oct','Nov','Dec'];
var session_start_date_string = session_start_date.getDate() + " " + months[session_start_date.getMonth()] + " " + session_start_date.getFullYear();
var data_array = {};
data_array.type = 'webrtc_start_log';
data_array.remote_ip = session_info.remote_ip;
data_array.username = session_info.session_email;
data_array.php_session_id = session_info.php_session_id;
data_array.webrtc_protocol = '';
data_array.session_start_time = (session_start_time/1000).toFixed(0);
data_array.stream_name = session_info.stream;
data_array.session_start_date = session_start_date_string;
var msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
function update_session_info(data) {
var data_array = {};
var msg_string = '';
var current_date = new Date();
var current_time = current_date.getTime();
session_info.protocol = data.protocol;
session_info.curr_delay = (data.effective_latency / 1000).toFixed(2);
session_info.session_length = current_time - session_start_time;
session_info.ping_time = data.ping_time;
session_info.jitter = data.jitter;
session_info.packet_loss = data.packet_loss;
session_info.effective_latency = data.effective_latency;
session_info.mean_opinion_score = data.mean_opinion_score;
session_info.restarts = data.restarts;
if (socket_emits == 0) {
data_array = {};
data_array.type = 'webrtc_log_data_full';
data_array.connection_protocol = session_info.protocol;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.browser_codename = session_info.browser_codename;
data_array.browser_name = session_info.browser_name;
data_array.user_agent = session_info.user_agent;
data_array.browser_version = session_info.browser_version;
data_array.cookies_enabled = session_info.cookies_enabled;
data_array.platform = session_info.platform;
data_array.player_version = session_info.player_version;
data_array.stream = session_info.stream;
data_array.restarts = session_info.restarts;
data_array.delay_target = 0;
data_array.op_sys = '';
data_array.flash_version = '';
data_array.remote_ip = session_info.remote_ip;
data_array.http_referrer = session_info.http_referrer;
data_array.php_session_id = session_info.php_session_id;
data_array.user_email = session_info.session_email;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.session_id = session_info.session_id;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
else {
data_array = {};
data_array.type = 'webrtc_log_data';
data_array.session_id = session_info.session_id;
data_array.php_session_id = session_info.php_session_id;
data_array.connection_protocol = session_info.protocol;
data_array.restarts = session_info.restarts;
data_array.threshold = 0;
data_array.curr_delay = session_info.curr_delay;
data_array.session_length = session_info.session_length;
data_array.date = current_time;
data_array.webrtc_protocol = session_info.protocol;
data_array.ping_time = session_info.ping_time;
data_array.jitter = session_info.jitter;
data_array.packet_loss = session_info.packet_loss;
data_array.effective_latency = session_info.effective_latency;
data_array.mean_opinion_score = session_info.mean_opinion_score;
data_array.stream = session_info.stream;
msg_string = JSON.stringify(data_array);
if (socket.readyState == 1) { socket.send(msg_string); }
}
socket_emits++;
if (socket_emits == 100) { socket_emits = 0; }
}
- France, Spain produce growth surprises
- Germany, Italy contract
- ECB cuts over?
By Eric Culp, European Editor
LiveSquawk News
@eculp.bsky.social
@EricCulpLS
30 July 2025 | 09:40 GMT
Economic activity in the euro area grew more than expected last quarter thanks partly to strong showings from France and Spain.
The EU statistics office Eurostat said seasonally adjusted Eurozone GDP expanded at a quarterly rate of 0.1% q/q in Q2, which outpaced the expectation for a flat result but fell well short of Q1’s 0.6%, when frontloading ahead of US tariffs drove business activity.
Q2 growth was up 1.4% from the year-earlier period. This missed the market forecast of 1.5% but beat the 1.2% increase in the first three months of the 2025.
“A broad-based recovery within the Eurozone would require more investment,” wrote Thomas Gitzel, chief economist at VP Bank. “An economic upturn is characterised by fixed asset investments growing faster than domestic income. So far, there are no signs that corporate investment activity will accelerate in the current year. Meanwhile, lower interest rates and German infrastructure spending could usher in a turnaround in 2026.”
Winners and losers
Europe’s four biggest economies offered mixed results last quarter. Germany, the euro area’s largest economy, said Wednesday that GDP shrank 0.1% q/q, which matched estimates and followed the downwardly adjusted 0.3% improvement in the first three months of the year. The German statistics office Destatis said it has instituted a range of adjustments, which pushed the Q4 2024 value to a rise of 0.2% from the previous decline of 0.2%.
Growth in France, the second-largest economy in the euro area, rose to 0.3% versus Q1’s 0.1%, which was also the estimate, according to data announced Wednesday.
Italy also released its Q2 numbers Wednesday, with GDP unexpectedly down 0.1% versus growth of 0.3% in the previous quarter and an estimate for a 0.1% increase last quarter.
Spain said in a preliminary report Tuesday that its economy grew at a quarterly rate of 0.7% versus the consensus of 0.6%, which was also the result for Q1.
This surprise Q2 growth in the Eurozone—however meek—will likely add confidence to those voices saying the European Central Bank’s year-long rate reduction cycle ended in June. Officials left rates unchanged last week, as expected.
Analysts posit that German growth should improve this year on government plans to increase spending on infrastructure and defence.
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