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, according to second estimates released by Eurostat, the statistical office of the European Union. In the first quarter of 2012, growth rates were 0.0% in both zones.

Compared with the second quarter of 2011, seasonally adjusted GDP decreased by 0.5% in the euro area and by 0.3% in the EU27, after 0.0% and +0.1% respectively in the previous quarter.

Variation in components of GDP

During the second quarter of 2012, household final consumption expenditure decreased by 0.2% in both the euro area and the EU27 (after -0.2% and -0.1% respectively in the previous quarter). Gross fixed capital formation fell by 0.8% in the euro area and by 0.9% in the EU27 (after -1.3% and -0.7%). Exports rose by 1.3% in the euro area
and by 1.0% in the EU27 (after +0.7% and +0.5%). Imports increased by 0.9% in both zones (after -0.2% in both zones).

US and Japanese GDP

In the United States GDP increased by 0.4% during the second quarter of 2012, after +0.5% in the first quarter of 2012. In Japan GDP increased by 0.3% in the second quarter of 2012, after +1.3% in the previous quarter.

Compared with the second quarter of 2011, GDP gained 2.3% in the United States (after +2.4% in the previous quarter) and 3.6% in Japan (after +2.8%).