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Eurozone economy contracts in Q2 despite German resilience

(Xinhua)

09:44, August 15, 2012

BRUSSELS, Aug. 14 (Xinhua) -- Gross domestic product (GDP) fell by 0.2 percent in the euro area during the second quarter of 2012 on a quarterly basis, compared with zero growth in the first quarter, the statistical office of the European Union (EU) said Tuesday.

THE CORE STILL RESILIENT, MAYBE JUST FOR NOW

The single-currency area's largest economy Germany saw its GDP grow 0.3 percent in the second quarter, slower than the 0.5-percent increase in the first quarter but better than forecast, according to a statement of Eurostat.

The economic volume of France, the second largest economy in the eurozone, was unchanged in the quarter, the third consecutive quarter for the country's economy to stagnate, Eurostat figures showed.

"The German growth engine continues to rumble on," and "suggestions that Germany will succumb to recession as a result of its mis-handling of the crisis do not sit comfortably with its continued ability to produce positive GDP prints," Royal Bank of Scotland (RBS) European Economics said in an emailed statement.

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