Revised data shows eurozone growth stalled in fourth quarter of 2009
Eurozone growth stalled in the last quarter of 2009, revised data showed Wednesday, highlighting the continued fragility of economic recovery. Officials reported that growth in the eurozone was zero rather than the previously reported 0.1%.
AFP - Economic growth in the eurozone ground to a halt in the fourth quarter of 2009, according to a new estimate released on Wednesday by the EU's data agency.
Growth in the 16 eurozone nations stagnated at 0.0 percent in the final three months of last year, compared to 0.4 percent in the third quarter, the data agency Eurostat said.
Previously it had forecast 0.1 percent growth, just months after the bloc slowly emerged from recession.
In comparison with the same quarter of 2008, seasonally-adjusted gross domestic product in the eurozone declined in the fourth quarter of last year by 2.2 percent.
Exports increased by 1.9 percent, down from 2.9 percent in the third quarter, while imports rose 1.3 percent, also slipping from 2.9 percent previously.
Investments fell by 1.3 percent, following a 0.9 percent drop in the third quarter, although household expenditure was stable, having been down by 0.1 percent previously.
Eurostat confirmed its growth forecast for the entire 27-nation European Union, putting it at 0.1 percent in the fourth quarter of 2009.