Eurozone GDP declined 3.6 percent
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Eurozone GDP declined 3.6 percent
Gross domestic product declined 3.6 percent sequentially in the first quarter, but slower than the initial estimate of -3.8 percent. On a yearly basis, GDP shrank 3.1 percent, reversing previous quarter's 1 percent expansion. The first quarter rate was revised from -3.3 percent and was the largest fall since the third quarter of 2009.The expenditure-side breakdown of GDP showed that household spending dropped 4.7 percent and gross fixed capital formation was down 4.3 percent from the fourth quarter. At the same time, government spending dropped 0.4 percent.
Exports and imports decreased 4.2 percent and 3.6 percent, respectively.
On a yearly basis, employment grew 0.4 percent but weaker than the 1.1 percent increase seen in the previous three months.
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