Eurozone Q2 GDP and June Industrial Output Fall
Flash estimates published by Eurostat, the statistical office of the European Union, showed that gross domestic product in the eurozone fell by 0.2% during the second quarter of 2012, compared with the previous quarter. Compared with the same quarter of the previous year, seasonally adjusted eurozone GDP fell by 0.4%.
This compares to a 0.4% increase in U.S. GDP in the second quarter, and a 0.3% increase in the GDP of Japan, compared with the previous quarter. Year-over-year, GDP in the United States rose by 2.2% and Japanese GDP by 3.6%.
Separate data from Eurostat showed that industrial production in the eurozone fell for the fourth time this year. Declines in intermediate, capital and consumer nondurable goods offset gains in energy and consumer durables.
Industrial output in the eurozone fell 0.6% in June from May and was 2.1% lower than a year before. The economy’s momentum as a whole appeared to slow at the end of the second quarter, making a recovery in the short term less likely.