GDP fell by 0.2% in both the euro area and the EU during the second quarter of 2012, compared with the previous quarter. During the same period, GDP increased by 0.4% in the United States compared with the previous quarter and by 0.3% in Japan.

Eurostat, the statistical office of the European Union published a flash estimate which indicates that euro area and EU GDP fell by 0.2% during the second quarter of 2012, compared with the previous quarter. Compared with the same quarter of the previous year, seasonally adjusted GDP fell by 0.4% in the euro area and by 0.2% in the EU in the second quarter of 2012. The GDP in the EU and in the euro area remained stable for the first quart of the 2012 compared with the previous quarter.

On the other hand, compared with the same quarter of the 2011, GDP rose by 2.2% in the United States (after +2.4% in the previous quarter) and by 3.6% in Japan (after +2.8%). During the second quarter of 2012, GDP increased by 0.4% in the United States compared with the previous quarter of 2012 (after +0.5% in the first quarter of 2012) and by 0.3% in Japan (after +1.3%).

The flash estimate of second quarter 2012 GDP growth presented in this release is based on Member States’ data as available, covering 97% of EA17 GDP (93% of EU27 GDP). Over the last 46 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 42 times. The value of the growth rate was correctly anticipated 40 times and differed by ±0.1 percentage points 6 times.