Eurozone Recession Slows After GDP Falls by 0.2%
May 20th, 2013
The recession in the eurozone has eased off as, between January and March of this year, the gross domestic product fell by 0.2% compared to the 0.6% decline recorded between October and December 2012. This latest figure marks an accumulation of four consecutive quarters of declines in the eurozone.
According to data from the EU statistical office, Eurostat, year-on-year, the contraction is 1%.
In all the 27 countries of the European Union, the recession also slowed to 0.1%, compared with a drop in GDP in the last quarter of 2012 of 0.5%. In annual terms, the fall is 0.7%.
Among the countries for which data are available, the biggest declines were noted for Cyprus (-1.3%), Estonia (-1%), the Czech Republic (-0.8%), Spain and Italy (both with -0.5%), Portugal (-0.3%) and France (-0.2%).
Only Lithuania (+1.3%), Latvia (+1.2%) and Hungary (+0.7%) managed to achieve a certain amount of increase in activity, while Germany (+0.1%) and the UK (+0.3%) narrowly avoided relapsing into recession.
El Mundo reported that, according to Eurostat, a total of 7 of the 17 member states of the eurozone are in recession: Spain, France, Italy, Cyprus, the Netherlands, Portugal and Finland. Slovenia, whose latest data is not available, will most probably join this group.
- EU and eurozone GDP Falls 0.2% in Second Quarter
- Eurozone GDP Shrinks 0.1% in Q3 and into Recession
- Eurozone GDP Fell 0.6% in Fourth Quarter of 2012