Eurozone economy shrank at annual 4.8% rate in Q1 2009 - - more than first estimated; Producer prices plunged 4.6% in year to April
Jun 3rd, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The Eurozone economy contracted more in annual terms in the first quarter than previously estimated, data issued on Wednesday showed. GDP (gross domestic product) of the 16 countries in the monetary system, fell 4.8% year-on-year in January to March, the worst decline on record, Eurostat, the European Union's statistics office said. It had previously estimated the drop at 4.6%. In the year to April 2009, producer prices dropped by 4.6% in the Eurozone and by 3.9% in the EU27.