Green: EU countries using the euro: Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain Mauve: EU countries not using the euro

GDP (gross domestic product ) increased by 1.0% in both the Eurozone (EA16) and the EU27 during the second quarter of 2010, compared with the previous quarter, according to flash estimates published Friday by Eurostat, the statistics office of the European Union. In the first quarter of 2010, growth rates were +0.2% in both zones.

Compared with the same quarter of the previous year, seasonally adjusted GDP increased by 1.7% in both the Eurozone and the EU27 in the second quarter of 2010, after +0.6% and +0.5% respectively in the previous quarter.

Earlier Friday, Germany reported that its GDP rose by 2.2% in the Q2. It was the greatest quarterly growth since reunification in 1990. At the same time, the result for the first quarter of 2010 was revised substantially upwards, now showing a 0.5% increase. Hence the recovery of the German economy, which lost momentum at the turn of 2009/2010, is really back on track. Germany grew 3.7% compared with the same quarter in 2009. France reported that its GDP rose by 0.6% after a 0.2% increase in Q1. GDP is up 1.7% on Q2 2009. Spain also reported national accounts data today and its economic output rose 0.2% and is down -0.2% on Q2 2009.

Last week, Italy reported a GDP rise of 0.4%  -- up 1.1% on Q2 2009 - -  and on Thursday, it was reported that the Greek economy shrank by a 1.5% in the second quarter of the year, Greece's statistics agency reported.  The economy had declined 0.8% in the the first three months of 2010, suggesting that the contraction is accelerating. Greece's GDP has fallen 3.5% since the same period in 2009. Greece's statistics agency Elstat said the "significant reduction" in public spending had contributed to the deepening of the country's recession. 

The EU/IMF rescue program for Greece assumes that Greek GDP will dip 4% in 2010.

Ireland's Q2 GDP has been estimated as the CSO will not issue data until the end of September.

The UK GDP rose 1.6% in Q2 2010 and is up 1.6% on Q2 2009.

During the second quarter of 2010, US GDP increased by 0.6% compared with the previous quarter, after +0.9% in the first quarter of 2010. US GDP rose by 3.2% compared with the same quarter of the previous year (+2.4% in the previous quarter).

The Eurozone (EA16) consists of Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU27 includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Strong economic growth in Germany is unlikely to continue, Peter Toogood from Old Broad Street Research told CNBC Friday. "There's going to be a lot of noise for the next six months… most managers are reacting by doing very, very little," Toogood said: