Euro zone GDP in record slump; inflation ticks up

New data shows the euro zone recorded its deepest contraction on record in the second quarter.

In the months from April to June, GDP in the 19-country currency bloc shrank by over 12% from the previous quarter.

That's the deepest fall since the series started in 1995.

Among the countries for which data was available, Spain posted the worst output slump, with its economy shrinking by 18.5% quarter-on-quarter.

The crisis has pulverized Spain's economy, wiping out its last six years of growth.

And a collapse in tourism numbers bodes ill for hopes of a swift rebound.

Italy and France fared slightly better, but GDP still fell 12.4% and 13.8% respectively.

Germany, the largest economy in the bloc, saw an over 10% contraction in the second quarter, worse than expectations of a 9.0% slump.

Inflation though ticked up.

And continued to defy expectations of a slowdown.

It supports the ECB's predictions that a negative headline reading may be avoided.

Consumer prices in the bloc rose 0.4% on an annual basis in July.

While underlying price pressure also accelerated - excluding volatile food and energy prices.