The 2020 Mid-Year Economic Update_long

Europe GDP Falls in Fourth Quarter: Second Estimate

GDP fell 0.6 percent in the euro area and 0.5 percent in the EU27.

GDP fell by 0.6 percent in the euro area (EA17) and by 0.5 percent in the EU27 during the fourth quarter of 2012, compared with the previous quarter, according to second estimates published by Eurostat, the statistical office of the European Union. In the third quarter of 2012, growth rates were -0.1 percent and +0.1 percent respectively.

Compared with the same quarter of the previous year, GDP fell by 0.9 percent in the euro area and by 0.6 percent in the EU27 in the fourth quarter of 2012, after -0.6 percent and -0.4 percent respectively in the previous quarter.

During the fourth quarter of 2012, GDP in the United States was stable compared with the previous quarter (after +0.8 percent in the third quarter of 2012). Compared with the same quarter of the previous year, GDP rose by 1.6 percent in the United States (after +2.6 percent in the previous quarter).

Over the whole year 2012, GDP fell by 0.6 percent in the euro area and by 0.3 percent in the EU27.

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