Investing.com - The euro zone’s economy contracted in line with preliminary estimates in the fourth quarter of 2012, confirming a deepening recession, revised data showed on Wednesday.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.6% in the September-to-December period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy shrank 0.1% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.
Year-on-year, euro zone GDP fell 0.9% compared to a year earlier, in line with expectations and unrevised from a previous estimate. The region’s economy contracted at an annualized rate of 0.6% in the previous quarter.
Following the release of that data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.13% to trade at 1.3035.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rose 0.6%, France’s CAC 40 added 0.5%, Germany's DAX climbed 1.1%, while London’s FTSE 100 gained 0.4%.
In a report, Eurostat said that the euro zone’s gross domestic product shrank 0.6% in the September-to-December period, in line with expectations and unchanged from a preliminary estimate.
The euro zone’s economy shrank 0.1% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.
Year-on-year, euro zone GDP fell 0.9% compared to a year earlier, in line with expectations and unrevised from a previous estimate. The region’s economy contracted at an annualized rate of 0.6% in the previous quarter.
Following the release of that data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.13% to trade at 1.3035.
Meanwhile, European stock markets held on to broad gains. The EURO STOXX 50 rose 0.6%, France’s CAC 40 added 0.5%, Germany's DAX climbed 1.1%, while London’s FTSE 100 gained 0.4%.