facebook
twitter
rss
account
search
search
 

Eurozone recession reaches six quarters

May 15, 2013 at 8:48 AM   |   Comments

BRUSSELS, May 15 (UPI) -- Eurozone economic activity contracted in the first quarter of the year, the European Commission's statistical office said Wednesday.

The decline of 0.2 percent from the fourth quarter of 2012 wasn't far off expectations, which predicted a 0.1 percent decline.

The numbers indicated the current recession in the 17-nation currency region hasn't been as severe as the 2008-09 recession but it has lasted longer. The current recession has persisted for six consecutive quarters.

On an annualized basis, the eurozone economy has contracted 1 percent and the economy of the 27-member European Union has declined 0.7 percent, the data agency Eurostat said.

On a quarter-to-quarter basis, the economy in Germany, which has the largest gross domestic product in the region, rose 0.1 percent. But the region's next three largest economies, France, Italy and Spain fell 0.2 percent, 0.5 percent and 0.5 percent, respectively, dragging the region's GDP lower.

The economy in Britain rose 0.3 percent but Britain isn't a part of the region that shares the euro as currency. The GDP also rose in the smaller economies of Romania, Slovenia, Lithuania, Latvia and Bulgaria.

Quarterly data weren't available on Greece, a noted trouble spot that has received billions of dollars in international aid, but on an annualized basis Greece's economy was listed as shrinking at a 5.3 percent rate.

Cyprus and Portugal, also recipients of bailouts, posted quarterly contractions of 1.3 percent and 0.3 percent, respectively. Data from Ireland, another bailout recipient, weren't available for Wednesday's report.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Freedom variant LCS takes to water Freedom variant LCS takes to water
2
Iraq seeks thousands of tank rounds Iraq seeks thousands of tank rounds
3
MDA demos tracking, targeting capability of Aegis MDA demos tracking, targeting capability of Aegis
4
Australia upgrading Tiger helos; receives MH-60R from U.S. Australia upgrading Tiger helos; receives MH-60R from U.S.
5
India touts successful test of locally designed cruise missile India touts successful test of locally designed cruise missile
Trending News
Around the Web
x
Feedback