Brussels, 15/05/2013 (Agence Europe) - GDP in the eurozone shrank in the first quarter of 2013 compared with the final quarter of 2012, according to figures released on Wednesday 15 May by the European Union's statistical office, Eurostat. This latest contraction, by -0.2% of GDP for the eurozone and -0.1% for the EU27, is less severe than in the previous quarter (-0.6% and -0.5% respectively).
Countries in southern Europe have been the worst affected by the recession. The worst figures are seen in Greece, which is currently in its sixth consecutive year of recession and where GDP shrank by 7.14% in the first quarter of 2013 compared with the last quarter of 2012. Cyprus, which is now in receipt of financial aid, saw economic growth contract by 1.3% in Q1 2013 compared with Q4 2012 and by 4.1% in Q1 2013 compared with Q1 2012. The economies of Spain and Italy contracted by 0.5% and in Portugal GDP contracted by 0.3%.
In the eurozone, only Germany (+0.1%), Belgium (+0.1%), Luxembourg (+1.6%) and Slovakia (+1.3%) experienced growth, although rather timid, in the first quarter of 2013 compared with the last quarter of 2012. Economic growth in France contracted by 0.2% over the same period, which is the same figure as for the eurozone as a whole. The GDP of Austria and Ireland remained stable.
In the EU27, the Baltic states saw positive growth, with GDP rising slightly in Q1 2013 on Q4 2012, rising by 1.2% in Latvia and 1.3% for Lithuania. Growth in the United Kingdom and Poland picked up slightly over the same period, by +0.3% and +0.1% respectively.
Compared with the last quarter of 2012, GDP in the eurozone fell by 0.1% and in the EU27 by 0.7%. (EL/transl.fl)