Brussels, 21/08/2012 (Agence Europe) - The euro area (EA17) and the European Union (EU27) destroyed wealth in the second quarter 2012. GDP growth was negative (-0.2%) in the two areas, in other words a respective decrease of 0.4% and 0.2% compared to the second quarter 2011, according to the data published in the middle of August by the statistical office of the European Union (Eurostat). In the first quarter 2012, there was no growth either in the eurozone or the European Union.
Stable inflation. In July, annual inflation amounted to 2.4%, a figure equivalent to that of June. In July 2011 this rate was 2.6%. The annual inflation observed was weakest in Sweden (0.7%), Greece (0.9%) and Germany (1.9%) and strongest in Hungary (5.7%), Malta (4.2%) and Estonia (4.1%).
Trade surplus. Eurostat also reported a surplus balance of trade in the eurozone. According to the first estimates, this surplus reached nearly €15 billion in June 2012 compared to €0.2 billion in June 2011. In May 2012, the surplus was €7 billion (-0.9 billion in May 2011). At the EU level the trade balance was more or less balanced in June 2012 (€0.4 billion) compared to a deficit of €15 billion in June 2011.
At the EU level, exports to major trading partners increased between January and May 2012 compared to the same period the previous year: +18% with Russia, +16% with India and +15% with Brazil. Over the same period, EU trade was in surplus with the USA (€32.5 billion), Switzerland (€18.2 billion) and Turkey (€10.5 billion) but in deficit with China (€56.4 billion), Russia (€42.8 billion) and Norway (€24.8 billion).
Between January and May 2012, Germany was the member state whose balance of trade was most in surplus (€74.7 billion), followed by the Netherlands (€20.4 billion) and Ireland (€16.9 billion). The United Kingdom, on the other hand, registered the main trade deficit (€60.9 billion), followed by France
(€36.1 billion) and Spain (€16.8 billion). (MB/transl.fl)