The Eurozone officially entered into the longest ever recession, since records began in 1995, after the economy contracted for the sixth consecutive quarter.
According to the European Union's statistics office Eurostat, the 17-nation economy shrunk 0.2% in the January to March period in 2013 after a fall in output from France, Italy, Spain, Netherlands, and Finland. The data comes as Eurozone unemployment recently reached a record 19 million people.
However, there are some bright spots in the Eurozone, as Germany managed to grow 0.1% in the first quarter.
There was also good news for Britain. The Bank of England forecasted a speedier fall in inflation than it previously predicted and said that the UK will likely hit the 2% inflation target in two years' time. Inflation has exceeded the central bank's 2% target since December 2009.
Written and presented by Alfred Joyner