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Eurozone economy shrinks 2.5 per cent in 1st quarter

Eurozone GDP fell 2.5 percent in the first quarter of 2009, compared with the previous quarter, according to estimates by Eurostat

CITY & CORPORATE

Eurozone economy shrinks 2.5 per cent in 1st quarter

Compared with the same quarter of the previous year, seasonally adjusted GDP dec
lined 4.9 percent in the first quarter of 2009 in the Eurozone, said Eurostat.

For the 27-member EU, GDP fell 2.4 percent quarter on quarter and 4.7 percent year on year. In the first quarter of 2009, all EU member states for which seasonally adjusted GDP data are available registered a negative growth compared with the previous quarter, except Poland (+0.4 percent) and Cyprus (0 percent).

In the first quarter of 2009, household final consumption expenditure declined by 0.5 percent in the Eurozone and by 0.6 percent in the whole EU.

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