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Daily News

Euro Area Economy Contracted only 0.1% in Q2
Aug 14, 2009
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The recession in the 16 countries that use the euro eased substantially between April and June after unexpected growth in Germany and France, the euro zone's two largest economies, said an AP report.

The European Union's statistics office Eurostat revealed that the euro zone's gross domestic product fell by only 0.1% in the second quarter from the previous three month period. Though that was the fifth straight quarterly decline, the drop was much less than expected, the report said.

The second-quarter fall represents a marked improvement on the record 2.5 percent contraction recorded in the first quarter, the report said. It was also better than the 0.3 percent quarterly decline recorded in the U.S., the world's single largest economy.
(AP)

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