Eurozone growth revised upwards

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Economic growth in the 19 countries that make up the eurozone has been revised upwards.

The second estimate of gross domestic product (GDP) for April to June put growth at 0.4%, up from the first estimate of 0.3%.

The European statistics agency Eurostat also revised growth in the first quarter, from 0.4% to 0.5%.

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Also on Tuesday it was announced that German imports and exports had both reached record levels.

Boosted by the continuing weakness of the euro, exports rose 2.4% to €103.4bn ($115.5bn; £75.1bn) in July, the federal statistics office Destatis estimated, after adjusting for seasonal and calendar effects.

Imports also rose, but not by as much, meaning the trade surplus grew to a record €25.0bn.

The upward revision to GDP for the first quarter is a result of the inclusion of Ireland, which had not been counted in earlier estimates.

The Irish economy grew 1.4% in the first three months of 2015, compared with the previous quarter, making it the fastest-growing eurozone country.

With the Irish figures not yet included, the fastest-growing eurozone member in the second quarter was Latvia at 1.2%.

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