Latest figures for Gross Domestic Product growth in the EU show contractions overall for both the eurozone countries and the Union as a whole in the second quarter of 2012, but  meanwhile Romania has returned to growth after slipping in recession in the first quarter of 2012.

GDP in both the eurozone and the EU27 was down 0.2 percent in Q2 2012, on the previous quarter. Comparing Q2 2012 to the same period last year, the eurozone's GDP fell by 0.4 percent, while the decrease for the EU27 was 0.2 percent. Romania was one of nine EU states to achieve both quarter on quarter and year on year growth: 0.5 percent up on the previous quarter and 1.7 percent higher than in Q2 2011.

Romania's results were among the best in Europe. Neighboring Bulgaria recorded more modest growth, while the Baltic states achieved very good results; Latvia's 4.3 percent GDP rise was the biggest year on year GDP increase in the EU.

The highest quarterly rise was Sweden's 1.4 percent GDP growth. Overall Central and Eastern Europe performed better than Western Europe, Germany showed some growth, France hovered around a flat rate, while Portugal, Italy, Spain and Greece continued to show declining GDPs.

Austria showed quarter on quarter and year on year growth, while the Netherlands recorded a quarterly increase but a drop on the same period last year. Non eurozone EU member, the UK, saw quarterly and year on year GDP contraction.

Liam Lever, liam@romania-insider.com