The economic situation in the Euro-zone continues its course towards contraction, as the Gross Domestic Product (GDP) during Q1 has dropped by 1.0% on annual basis, while on quarterly basis this major indicator has decreased by 0.2%. The estimated value, concerning the annual GDP in the Euro-zone, was a 0.9% decline. The data, which was released from France and Italy comes as a counterpoint to the slight recovery in Euro-zones largest economy, Germany. Italys GDP shrank by 2.3% annually, while Frances quarterly GDP reduced it value by 0.4%.
This sixth quarter in a row of decline turns out to be more prolonged in comparison with the recession period the Euro-zone encountered during 2008-2009, but still not so sharply expressed as the latter. Euro-zones GDP marked an increase in value for the last time during Q3 of 2011. Back then Germanys economy managed to re-surface with about 2-3% annually and this was enough to cover the economic withdrawal of countries like Greece and Ireland.
Todays data showed, that Germanys economy expanded by barely 0.1%, while the rest of the top 5 biggest economies in the Euro region obviously remained under the shade of the crisis.
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