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Eurozone Economy Shrinks
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 EU 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 EU statistics agency.
Economists predict the region will be in recession defined as two consecutive quarters of contraction this year.
Germany's economy, which grew 0.5% in the January-March period, expanded at a better-than-expected 0.3% quarter over quarter. Exports and consumer spending fueled the growth, but business investment fell.
France's GDP was flat in the second quarter, dampened by unemployment above 10%. The economies of Italy and Spain contracted 0.7% and 0.4%, respectively.
On an annualized basis, the eurozone economy shrank 0.7%, including contractions in France (0.2%), Italy (2.9%) and Spain (1.7%). Germany's GDP grew at a 1.1% annual pace, down from its 2% rate in the first quarter of 2012.
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