(BRUSSELS) - Economic growth in the 13 countries sharing the euro dropped in the second quarter to the slowest pace since early 2005, the EU's Eurostat data agency said Thursday, confirming previous estimates.

The 8.4-trillion-euro (11.9-trillion-dollar) economy grew only 0.3 percent in the three months to June and 2.5 percent over one year, Eurostat said in a third estimate.

The data, which were adjusted for seasonal variations, marked a slowdown from the first quarter when the economy grew 0.8 percent and 3.2 percent over one year, Eurostat said, tweaking its quarterly estimate slightly higher.

"This loss of momentum was primarily due to investment falling marginally in the second quarter following recent extended robust growth," said economist Howard Archer at consultancy Global Insight.

"In addition, government spending growth slowed markedly in the second quarter, while inventories were run down," he added.

In the broader 27-nation European Union, growth also slowed, dipping to 0.5 percent in the second quarter and 2.8 percent over one year.

Further details - Eurostat

Text and Picture Copyright 2007 AFP. All other Copyright 2007 EUbusiness Ltd. All rights reserved. This material is intended solely for personal use. Any other reproduction, publication or redistribution of this material without the written agreement of the copyright owner is strictly forbidden and any breach of copyright will be considered actionable.