Euro zone economy down 0.1% in second quarter
by Kay Murchie
Following the news that Germany and France had emerged from recession yesterday after experiencing economic growth during the second quarter of 2009, it has now been revealed that the euro zone continued to contract.
Figures from Eurostat revealed that Gross Domestic Product (GDP) in the 16-member nation was down by 0.1% in the April to June period, compared with the previous quarter.
When compared with the same quarter in 2008, GDP in the euro zone was down 4.6%.
The area has been suffering from a deep recession but since a series of measures to stimulate the economy have been implemented, the situation has begun to improve, albeit the euro zone still has some way to go until recovery.
It was recently revealed that industrial production fell by 17% on the year in June in the euro zone.
Finally, economists have expressed concern that unemployment will continue to rise in the short-term in the euro zone. The latest figures show that unemployment in the euro zone is at a 10-year high at a rate of 9.4%.
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Tags: contract, Economy News, euro zone, France, Germany, recession, recovery, second quarter, unemployment
