Eurozone GDP down 0.1%
www.chinaview.cn 2009-08-14 20:37:15   Print

    BEIJING, Aug. 14 - Economic growth continued to contract in the eurozone in the second quarter, with a 0.1% decrease compared to the same period last year. Despite Germany and France's unexpected growth, the European Union saw an overall contraction of 0.3%.

    Compared with the same period last year, economic growth was down 4.6 percent and 4.8 percent respectively in the 16-nation euro zone and the 27-nation EU, according to new estimates from the Eurostat.

    Germany, recorded a 0.3-percent growth in April-June compared with the first quarter, bringing an end to a year-long recession for Europe's largest economy. France, Greece and Portugal all posted the same rate of growth.

    Slovakia, who joined the eurozone in January, registered the biggest quarter-on-quarter growth rate of 2.2 percent, while Lithuania recorded the lowest, at minus 12.3 percent.

    Hit hard by the global financial crisis, eurozone and EU economies fell into deep recession in the first three months of this year, registering a growth rate of minus 2.5 percent.

    Compared with the same quarter of the previous year, seasonally adjusted GDP decreased by 4.6 percent in the euro zone and by 4.8 percent in the EU, after a minus 4.9 percent and minus 4.7 percent respectively in the first three months of this year.

    Economic stimulus plans put in place by the EU and member states, and consumer spending have contributed to the growth, however experts in the region signal Europe has a long way to go before full economic recovery.

    Xinhua News Agency correspondents reporting from Brussels. (XHTV)

Editor: Mo Hong'e
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