6 November 2003, 14:20 Eurozone Q2 GDP shrank by confirmed 0.1% q/q
BRUSSELS, Nov 6 - Euro zone gross domestic product
fell 0.1 percent in the second quarter compared with the
previous three months, as nearly half of the dozen economies in
the bloc contracted, Eurostat confirmed on Tuesday.
The data was unrevised from a previous estimate and marked
the first quarterly contraction in the euro zone economy since
the fourth quarter of 2001.
Its report is released on the same day the European Central
Bank holds a policy-setting meeting but the figures are not
expected to ruffle the financial markets, which have seen far
more up-to-date reports on the health of the euro zone economy
that suggest a gradual rebound is underway.
The Eurostat data showed the euro zone economy grew by 0.2
percent in the second quarter compared with a year earlier, a
slowdown from the 0.7 percent increase reported in the first
quarter.
A breakdown confirmed Germany, Italy and the Netherlands
fell into recession in the second quarter as their economies
suffered contracted for two successive quarters on a quarterly
basis.
Belgium and France also reported quarterly economic
contraction in the second quarter.
Euro zone household consumption rose 0.2 percent in the
second quarter compared with the previous three months.
Exports fell 0.7 percent in the second quarter compared with
the first, a smaller decline than the fall of 1.6 percent
reported in the first three months of the year.//
© 1999-2024 Forex EuroClub
All rights reserved