GDP in Euro zone and Cyprus decreases in 2012 second quarter

GDP decreased in the Euro zone, Cyprus and Greece in the second quarter of 2012, according to second estimates released by Eurostat, the statistical office of the European Union.

GDP decreased by 0.2% in the euro area (EA17) and by 0.1% in the EU27 during the second quarter of 2012, compared with the previous quarter. In the first quarter of 2012, growth rates were 0.0% in both zones. Cyprus’ GDP decreased by 0.8%.

Compared with the second quarter of 2011, seasonally adjusted GDP decreased by 0.5% in the euro area and by0.3% in the EU27, after 0.0% and +0.1% respectively in the previous quarter.

In Cyprus, GDP decreased by2.4% and by 6.2% in Greece.

The quarterly GDP growth (second quarter of 2012 compared with the first quarter) in the eurozone countries for which data are available was as follows: Cyprus -0.8%, Belgium -0.6%, Germany +0, 3%, Estonia +0.4%, Spain -0.4%, France 0.0%, Italy +0.7%, Netherlands +0.2%, Austria +0.2%, Portugal -1.2% , Slovenia + -1.0%, Slovakia +0.7%, Finland -1.1%.

The annual GDP growth (second quarter of 2012 compared with the second quarter of` 2011) was as follows: Cyprus -2.4% , Greece -6.2%, Belgium -0.4%, Germany +1.0 %, Estonia +2.5%, Spain -1.3%, France +0.3%, Italy -2.5%, Netherlands -0.5%, Austria +1.0%, Portugal -3.3%, Slovenia -2.2%, Slovakia +3.0% Finland +0.1%.