Analysts surveyed by Bloomberg News predicted an expansion of 0.5 per cent. France’s economy stagnated last quarter after growing a revised 0.7 per cent in the January-March period, separate data showed earlier.

Economic growth in Germany accelerated slightly in the second quarter but hit the brakes in France, underscoring the big divergences within the eurozone that threaten its prospects for a sustained recovery.

The stock market swings in the eurozone this week showed China – not Greece – takes first prize as panic maker, with moves in some of the main indexes dwarfing the selloff seen at the height of the Greek debt crisis in June and July. Considering this is the second largest economy on the continent, that could be a problem.

Said BNP: “Overall, Germany and France have grown at a similar pace during H1 2015 of 0.3-0.4% q/q. This is solid but a little less than hoped for a few months ago”.

“The German economy continued along its positive growth path”, the statisticians said.

Italy’s economy grew by 0.2 percent while the Netherlands clocked a 0.1 percent growth, both down from estimates of 0.3 percent.

INSEE said household consumption expenditure decelerated sharply (+0.1% after +0.9%) while their total gross fixed capital formation (GFCF) decreased again (-1.6% after -1.1%).

Economists are also concerned that the eurozone’s growth rate is not stronger considering the broader conditions are as rosy as they’ve been for years.

The first reading of second-quarter GDP in the euro zone comes two days after data showed that industrial output shrank by more than expected in June.

Spain reported second-quarter GDP growth of 1 percent, but the #link:18648830:worldwide Monetary Fund (IMF) warned Madrid on Friday not to let up on its reform program, which has already had a marked effect on the economy.

In the US, by contrast, Q2 GDP rose by 0.6% compared to 0.2% in Q1.

Germany’s GDP report didn’t include a component breakdown, but Destatis said net exports were the main driver of activity in the second quarter, as foreign trade got a fillip from a weaker euro, which makes eurozone goods more competitive elsewhere. The strong performance of the economy increases chances of Mariano Rajoy’s party – the centre-right Partido Popular – to win a majority in parliament; general elections are scheduled to be held before the end of this year.