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Eurozone recession deepens

Last Updated: Friday, February 15, 2013 - 13:10

Brussels: The recession in the Eurozone deepened in the 4th quarter of 2012, with the gross domestic product contracting 0.60 percent, Eurostat said.

Germany, the engine of the Eurozone economy, saw its GDP decrease 0.60 percent, while Italy's economy contracted 0.90 percent during the October-December 2012 period.

Spain's economy contracted 0.70 percent in the 4th quarter, while the French economy posted a 0.30 percent decline in GDP, compared to the 3rd quarter, Eurostat said Thursday.

The Eurozone economy continued to slide in the last three months of last year after officially entering into a recession in the 3rd quarter, when economic output declined 0.10 percent after contracting 0.20 percent in the 2nd quarter.


First Published: Friday, February 15, 2013 - 13:10
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