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The euro area economy shrank 0.2
percent in the first quarter from the prior quarter as initially
estimated, second estimates from Eurostat showed
The recession, thus extended into the sixth quarter. The latest sequential decline follows a 0.6 percent drop in the fourth quarter of 2012.
On a yearly basis, gross domestic product was down 1.1 percent, which was slightly sharper than the 1 percent contraction estimated on May 15. GDP decreased 1 percent in the fourth quarter of last year.
The expenditure side breakdown showed that all sub-components except household spending declined in the first quarter. Government spending slipped 0.1 percent, while household expenditure grew 0.1 percent sequentially.
Investment plunged 1.6 percent. At the same time, exports and imports were down 0.8 percent and 1.1 percent, respectively.
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