Euro zone economy shows resilience as second-quarter GDP beats expectation, inflation slips

Euro zone inflation fell in July, and new growth figures showed economic activity picking up in the second quarter of this year — but economists still fear a recession could be in the cards.

Headline inflation in the euro area was 5.3% in July, according to preliminary data released Monday, lower than the. This remains well above the European Central Bank's 2% target for the bloc. Initially, much of the price pressures in the euro area were coming from high energy costs, but in recent months food prices have contributed the most. This month, food, alcohol and tobacco once again drove inflation — prices rose by 10.8% in July, in a hike that was nevertheless lower than in previous months.The inflation figures come against a backdrop of previously moribund growth, with GDP stagnating in the first quarter of this year.

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