Investing.com - The euro zone’s economy contracted in line with expectations in the second quarter of 2012, revised data showed on Thursday.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.2% in the April-to-June period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy recorded no growth in the preceding quarter.
Year-on-year, euro zone GDP fell 0.5% compared to a year earlier, worse than expectations for a 0.4% decline.
Following the release of that data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.1% to trade at 1.2612.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rallied 1.2%, France’s CAC 40 jumped 1.1%, Germany's DAX climbed 1.3%, while London’s FTSE 100 gained 0.75%.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.2% in the April-to-June period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy recorded no growth in the preceding quarter.
Year-on-year, euro zone GDP fell 0.5% compared to a year earlier, worse than expectations for a 0.4% decline.
Following the release of that data, the euro remained higher against the U.S. dollar, with EUR/USD rising 0.1% to trade at 1.2612.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rallied 1.2%, France’s CAC 40 jumped 1.1%, Germany's DAX climbed 1.3%, while London’s FTSE 100 gained 0.75%.