Eurozone Enters Longest Ever Recession [VIDEO]
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 (EU) statistics office Eurostat, the 17-nation economy shrunk 0.2% in the January to March period in 2013.
A fall in output from France, Italy, Spain, Netherlands, Finland meant that the results came in slightly worse than the 0.1% contraction forecast by economists.
The data highlights the beleaguered bloc's economic state 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.
The UK economy narrowly missed a triple-dip recession earlier this year, after growing by a meagre 0.3%, in the first three months of 2013 from the previous quarter.
Bank of England Governor Sir Mervyn King is expected to unveil some positive news for the British economy later today before handing over leadership to incoming chief Mark Carney.
Related Articles:
UK Jobless Rate Hits Lowest Level Since April 2011
BoE's Sir Mervyn King: The Final Countdown to Inflation and Governorship
© Copyright IBTimes 2024. All rights reserved.
