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Euro area GDP shrinks 2.5%

03/06/2009 14:16
According to Eurostat data, the euro area economy showed the biggest shrinkage in its history in the first quarter of 2009.

Specifically, GDP fell by 2.5% in the euro area, while compared with the first quarter of 2008, it declined by 4.8% against 4.6% that the Service anticipated.

GDP fell by 2.4% in the EU27 compared to the fourth quarter of 2008 and by 4.6% compared to the first quarter of 2008.

Cyprus’s economy remained stagnant in the first quarter of 2009 compared to the fourth quarter of 2008, while growth stood at 1.6% compared to the first quarter of 2008.