Eurozone contraction smaller than feared

GDP fell by 0.3% in both the euro area1 (EA17) and the EU27 during the fourth quarter of 2011, compared with the previous quarter, according to flash estimates published by Eurostat, the statistical office of the European Union on the 15 February 2012. In the third quarter of 2011, growth rates were +0.1% and +0.3% respectively.

The FT reported that the eurozone economy contracted significantly late in 2011, although less than feared after an unexpectedly robust performance by France partly offset chronic weakness across crisis-hit southern Europe.

Eurostat: Press Release: STAT/12/26: Flash estimate for the fourth quarter of 2011 Euro area and EU27 GDP down by 0.3% +0.7% and +0.9% respectively compared with the fourth quarter of 2010 http://europa.eu/rapid/pressReleasesAction.do?reference=STAT/12/26&format=PDF&aged=0&language=EN&guiLanguage=en

---