15 May 2009 11:41 [Source: ICIS news]
LONDON (ICIS news)--The EU economy contracted by 2.5% in the first quarter, the European statistical office said on Friday.
GDP fell by 2.5% across the EU and in the euro area in the quarter, according to Eurostat.
Germany's GDP fell by 3.8% but the decline in output was less marked for the other major EU economies.
The decline in seasonally adjusted GDP relative to the equivalent quarter of last year was 4.4% across the 27 member countries of the EU and 4.6% in the eurozone, according to the Eurostat flash estimates.
US GDP fell 1.6% on a consecutive quarter basis in the first quarter of 2009 and 2.6% compared with the previous year, it said.
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