The Eurozone slid deeper into recession after fourth quarter data showed the bloc's economy contracted far more than expected in the final months of a year that recorded no growth for the first time in two decades.

Eurostat reported a 0.6 percent contraction for the final three months of the year, the statistics agency said Thursday, after a 0.1 percent contraction in the previous quarter. The figures marks the first time since at least 1995 that the single currency zone failed to record a single quarter of growth. The bloc shrank 0.9 percent when compared to the three months ending in 2011, Eurostat said.