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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Record economic contraction in eurozone confirmed AFP - Thursday, June 4 BRUSSELS (AFP) - - The Eurozone economy contracted a record 2.5 percent in the first quarter and 4.8 percent over 12 months as the recession bit, official data showed on Wednesday. ADVERTISEMENT While the quarterly low confirmed figures released last month, the revised 12-month rate of economic contraction was the sharpest for the 16-nation eurozone since records began in 1995, the Eurostat agency said. The picture was similar for the 27-nation European Union as a whole, which saw a quarterly decline of 2.4 percent and contraction over 12 months of 4.5 percent. Europe plunged last year into its deepest post-war recession as international trade collapsed and consumers grew wary of spending on all but essentials in the face of the worst financial crisis in generations. Although the downturn first took hold in the United States, it is hitting harder in Europe. The US economy shrank 1.5 percent in the first quarter and 2.5 percent over one year, according to comparative figures given by Eurostat. The eurozone countries have now endured four consecutive quarters of economic contraction. Although signs the slump may be stabilising have emerged since the first quarter, the downturn is taking a painful toll on the labour market with fresh waves of job losses announced almost daily. In another sign that the recession was at least bottoming out, eurozone business activity hit an eight-month high thanks to a record rise in May, a separate survey showed on Wednesday. The eurozone's purchasing managers' index (PMI), compiled by data and research group Markit, rose to 44.0 points in May from 41.1 points in April, according to a revised estimate, a record monthly rise in points terms since the survey began in 1998. However the rise was from a historically low base. The index had hit its record low of 36.2 points in February. The latest figures, a marginal improvement on the 43.9 initial estimate, remain below the boom-bust line of 50 points -- a score below 50 indicates a contraction -- for a 12th consecutive month in the eurozone economy. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Enlarge Photo A Euro symbol in front of the European Central Bank (ECB) in Frankfurt. The Eurozone economy contracted a record 2.5 percent in the first quarter and 4.8 percent over 12 months as the recession bit, official data showed on Wednesday. Most Popular – Top Stories Viewed Pandemic warnings as swine flu spreads to Africa World 'getting closer' to swine flu pandemic: WHO Last Titanic survivor dies in England Talent judge defends singing sensation Boyle Ancient eruption 'killed off world's sea life' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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