Gross domestic product (GDP) fell by 0.2% in the euro area during the second quarter of 2012 on a quarterly basis, compared with zero growth in the first quarter, Eurostat (the statistical office of the European Union) reported on Tuesday.
Germany, the single-currency area’s largest economy, saw its GDP grow by 0.3% in the second quarter, slower than the 0.5% increase in the first quarter but better than forecast, according to a statement by Eurostat.
Eurostat figures show that France’s economic volume, the second largest economy in the eurozone, was unchanged in the quarter, the third consecutive quarter for the country’s economy to stagnate. Italy’s economy shrank by 0.7% from April to June, while Spain’s economy continued to fall by 0.4%.
The Eurostat data showed that the GDP of the 27-nation EU also declined by 0.2% in the second quarter, with Britain, the EU’s second largest economy, registering a 0.7% contraction of its economy.
The countries of Eastern Europe including Bulgaria, Estonia, Lithuania, and Romania all saw their GDP grow in the second quarter.
The euro area (EA17) includes Belgium, Germany, Estonia, 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.