Euro Area Extends Recession in Q1

GDP fell by 0.2 percent in the euro area and by 0.1 percent in the EU27 during the first quarter of 2013, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2012, growth rates were -0.6 percent and -0.5 percent respectively.

Falling output across the bloc meant the 17-nation economy shrank 0.2 percent in the January to March period after falling 0.6 percent a quarter earlier. The Eurozone's economy contracted for the sixth straight quarter at the start of this year, marking its longest recession on records dating back to 1995.
As well as France, the economy shrank for the quarter in Finland, Cyprus, Italy, Netherlands, Portugal and Greece. Germany, which generates almost a third of the euro zone's output, grew by a weaker-than-expected 0.1 percent, avoiding a recession but highlighting the devastating impact of the euro zone's debt and banking crisis that has driven unemployment to a record 19 million people.

Eurostat | Nuno Fontes |
5/15/2013 11:51:21 AM