RTTNews - Wednesday, the Eurostat confirmed a 2.5% quarter-on-quarter contraction in Eurozone gross domestic product or GDP in the first three months of the year.

At the same time, the statistical agency downwardly revised the annual decline in GDP to 4.9% from initially reported fall of 4.8%.

In the fourth quarter of the previous year, the euro area economy contracted 1.8% sequentially and 1.7% year-on-year.

GDP for the EU27 fell 2.4% in the first quarter, unrevised from the initial estimate. But, the annual figure is revised to show a decline of 4.7% instead of a 4.5% contraction.

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