{"id":4204,"date":"2009-10-07T10:25:41","date_gmt":"2009-10-07T15:25:41","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=4204"},"modified":"2009-10-07T10:25:41","modified_gmt":"2009-10-07T15:25:41","slug":"eurozone-gdp-revised-lower-in-2nd-quarter","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2009\/10\/07\/eurozone-gdp-revised-lower-in-2nd-quarter\/","title":{"rendered":"Eurozone GDP revised lower in 2nd Quarter."},"content":{"rendered":"<p><strong>By CountingPips.com<\/strong><\/p>\n<p>The Eurozone saw a further contraction of its economy in the second quarter of this year according to a final estimate by Eurostat released today. The 16-nation eurozone gross domestic product declined by 0.2 percent in the April to June quarter of 2009 following a GDP contraction of 2.5 percent in the first quarter. The contraction in GDP surpassed the earlier preliminary <a href=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/10\/250150BlueChartPen.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-4205\" title=\"250150BlueChartPen\" src=\"http:\/\/countingpips.com\/fx\/wp-content\/uploads\/2009\/10\/250150BlueChartPen.gif\" alt=\"250150BlueChartPen\" width=\"250\" height=\"150\" \/><\/a>release that had put the decline at 0.1 percent for the second quarter. Market forecasts were also looking for a 0.1 percent delcine for the quarter. The Eurozone has now had five straight quarters of GDP decline and is in the first recession on record for the euro area.<\/p>\n<p>On an annual basis, the eurozone economy declined by 4.8 percent over last year&#8217;s second quarter following the 1st quarter&#8217;s annual contraction of 4.9 percent. Economic forecasts were looking for an annual decrease of 4.7 percent.<\/p>\n<p>Household consumption bounced back in the second quarter with an increase of 0.1 percent after decline by 0.5 percent for two quarters in a row while government spending also rose in the second quarter to 0.7 percent from a 0.6 percent in the first quarter. Exports registered a 1.5 percent decline in the second quarter after a 9.2 percent fall in the first quarter while imports fell by 2.9 percent in the second quarter compared with a 7.9 percent decrease in the first quarter.<\/p>\n<p>Germany, the eurozone&#8217;s largest economy, emerged out of recession in the second quarter with a GDP gain of 0.3 percent following a GDP decline of 3.5 percent in the first quarter. France, the eurozone&#8217;s 2nd largest economy, also came out of recession as their economy grew in the second quarter by 0.3 percent after a decline of 1.4 percent in the first quarter.\u00a0 Other EU16 countries showing a positive GDP in the quarter were Greece, Poland, Portugal, Slovenia and Slovakia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 16-nation eurozone gross domestic product declined by 0.2 percent in the April to June quarter&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-4204","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=4204"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/4204\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=4204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=4204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=4204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}