Euro Region’s Contraction Led by Consumers, Investment: Economy

Europe’s economy was pushed into a contraction in the second quarter as consumers cut spending and corporate investment slumped.

Gross domestic product in the 17-member euro area fell 0.2 percent from the first quarter, the European Union’s statistics office said, confirming an initial estimate published on Aug. 14. Gross fixed capital formation dropped 0.8 percent from the previous three months, when it fell 1.3 percent, while consumer spending was down 0.2 percent. Government-spending growth slowed to 0.1 percent from 0.2 percent.