Eurozone, EU economies contract

Brussels, May 16 (IANS/EFE) The Eurozone's gross domestic product contracted 0.20 percent in the first quarter of this year, compared to the prior three-month period, while the European Union's GDP declined 0.10 percent during the January-March period, Eurostat said Wednesday.

The countries in the single-currency zone registered a drop of 0.60 percent in their GDP in the last quarter of 2012, while the GDP of the 27-member EU fell 0.50 percent during the final three months of last year.

GDP contracted 1 percent in the Eurozone and 0.70 percent in the EU during the first quarter, compared to the same period in 2012.

Germany, according to the Eurostat figures released Wednesday, was the only large Eurozone economy to grow, registering an increase in GDP of 0.10 percent in the first quarter.

France's economy contracted 0.20 percent, Italy's GDP fell 0.50 percent and Spain's economy contracted 0.50 percent, Eurostat said.

--IANS/EFE

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