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Eurozone Q2 GDP shrinks 0.2%

08-15-2012 10:21 BJT

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The Eurozone published its second quarter economic output figures just a couple of hours ago. And although the data is in line with analyst expectations, the market is disappointed. According to the European Commission’s official statistics agency Eurostat, during the April to June period.

The euro area contracted by 2-tenths of a percent quarter-on-quarter. On a yearly basis, economic output shrank by 0.4 percent in Q2. Analysts say the decline is due to businesses and consumers cutting their spending as the region’s three-year-old debt crisis has flared up.

They also note the data indicates a weak economy, and that the region doesn’t have the growth momentum it needs to deal with the fiscal repair work over the months and years ahead. Economists predict the eurozone economy may be stagnant in the third quarter, based on current economic assessments.

Editor:Wang Xiaomei |Source: CCTV.com

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