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Economy Shrinks in Eurozone
Gross domestic product in the 17-country eurozone, which was flat in the first three months of 2012, contracted 0.2% in the second quarter, according to Eurostat, the European Union statistics agency.
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Gross domestic product in the 17-country eurozone, which was flat in the first three months of 2012, contracted 0.2% in the second quarter, according to Eurostat, the European Union statistics agency.
Germany's economy, which grew 0.5% in the January-March period, expanded at a better-than-expected 0.3% quarter over quarter. France's GDP was flat in the second quarter. The economies of Italy and Spain contracted 0.7% and 0.4%, respectively.
Economists predict the region will be in recession defined as two consecutive quarters of contraction this year.
American carmakers and suppliers have been lowering their financial forecasts for 2012 because of fears their sales in Europe will continue to decline. Ford and General Motors are scrambling to staunch losses at their operations in the region.
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