RTTNews - Wednesday, a first estimate released by the Eurostat showed that the euro area contracted 2.5% in the first quarter from the fourth quarter. This was the largest decline since records began in 1995. The statistical office confirmed the initial estimate for the first quarter. The decline in the fourth quarter was 1.8%.

Year-on-year, gross domestic product was down by a revised 4.8%, bigger than the 1.7% contraction seen in the fourth quarter. According to flash estimate, the economy had declined 4.6% in the first quarter.

The recession in Eurozone was severe than in the U.S., where the GDP dropped 1.5% after falling 1.6% in the fourth quarter.

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