Eurozone economy shrinks by record 2.5%

Eurozone economy shrinks by record 2.5%
# 15 May 2009 12:49 (UTC +04:00)
Baku – APA-Economics. The euro zone’s gross domestic product (GDP) shrank by 2.5 percent in the first quarter of this year, EU statistics agency Eurostat said Friday.
The quarter-on-quarter decline was the worst contraction since the 16-nation euro zone came into being in 1999.
In the 27-nation EU, GDP shrank by 2.5 percent from the previous quarter.
On a year-on-year basis, GDP in the euro zone fell by 4.6 percent in the first quarter, and in the EU it shrank by 4.4 percent.
Major economies of the euro zone -- Germany, France, Italy and Spain -- all saw a worse performance at the same time.
#
#

THE OPERATION IS BEING PERFORMED