15 May 2013 11:01 [Source: ICIS news]
LONDON (ICIS)--EU GDP contracted 0.1% in the first quarter with GDP in the eurozone down by 0.2%, the EU statistics agency Eurostat said on Wednesday.
The data show that the contraction of the European economy has slowed.
In the fourth quarter of 2012, GDP growth rates were -0.5% in the EU and -0.6% in the eurozone.
In its Spring forecast, published on 3 May, the EU suggested that the EU economy was slowly recovering from the protracted recession.
“The EU economy is expected to stabilise in the first half of 2013. GDP growth is projected to turn positive gradually in the second half of the year before gaining some traction in 2014,” it said.
Annual GDP in 2013 was forecast to contract by 0.1% in the EU and 0.4% in the eurozone.
The just released flash estimates of economic growth suggested that seasonally adjusted GDP in the 27 member EU fell by 0.7% in the first quarter of 2013 compared with the first quarter of 2012. Eurozone Q1 GDP growth was -1.0% on the same basis.
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