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Euro zone final Q1 GDP revised down to -0.3% from -0.2%

By Investing.com  |  Economic Indicators  |  Jul 04, 2013 09:06AM GMT  |   Add a Comment
 
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Investing.com - The euro zone’s economy contracted more than initially expected in the first quarter of 2013, confirming a recession, final data showed on Thursday.

Euro zone final Q1 GDP revised down to -0.3% from -0.2%
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.3% in the January-to-March period, downwardly revised from a preliminary estimate of 0.2% contraction.

The euro zone’s economy shrank 0.6% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.

Following the release of that data, the euro was lower against the U.S. dollar, with EUR/USD easing down 0.12% to trade at 1.2995.

Meanwhile, European stock markets remained higher. The EURO STOXX 50 added 0.6%, France’s CAC 40 rose 0.8%, Germany's DAX advanced 0.6%, while London’s FTSE 100 gained 0.9%.

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