For the second quarter of 2012, the Eurozone economy stumbled through with a modest decline of 0.2% in gross domestic product.
Germany continued to defy the worst of the Eurozone crisis. After a growth of 0.5% in the first quarter, it followed that up with a growth of 0.3% in the second quarter, helped by exports and domestic consumption. France defied expectation of contraction and recorded zero growth for the third consecutive quarter. Other economies didn’t fare as well, with Portugal contracting 1.2%, Cyprus 0.8%, Italy 0.7% and Spain 0.4%. Harsh austerity measures and economic reforms linked to the aid agreements have taken a heavy toll on Greece’s economy, with unemployment hitting record highs.
There was also bad news for the UK, as Britain’s economy came in at -0.5% (worse than the -0.2% which analysts had predicted) as the country’s double-dip recession extended into a third quarter. UK markets indicate that investors were keen on reducing their risk profile by choosing safer asset classes.
Growth slowed in the United States, with the economy increasing by 0.4%, as consumer spending eased. The Japanese economy also signaled a slowdown, as growth was only 0.3%.
This report provides quarterly statistics data for markets around the world.