Eurozone enters deeper recession

Fri, 13 Feb 2009

The eurozone economy has plunged deeper into recession, according to new research.

The research from statistics agency Eurostat, shows that output in the common currency area fell by 1.5% in the final quarter of 2008, following the 0.2% quarter-on-quarter decline in the third quarter.

Economic output growth in the euro area rose by 1% in 2008, compared to the 3% expansion seen in 2007.