The published data also revealed that the eurozone comprising of 17 nations contracted by 0.2% from the last 3 months of 2012. The figures are less than the 0.6% decline that happened in the 4th quarter but more than the expected shrinking by 0.1 percent.
Overall economy of the European Union country comprising of 27 European countries shrank by 0.1%. During the first quarter of 201, the largest economy of Europe, Germany was almost stagnant and just managed to grow by 0.1% during the 1st quarter of 2013.
The second largest economy of Europe, France has now contracted for 2 consecutive quarters meaning theoretically it has entered into a recession. During the first quarter, the economy of France shrank by 0.2% which is the same as during the last quarter of 2012.
The 3rd largest economy of Europe but not a member of the Eurozone, the Great Britain, had a 0.3% growth in the 1st quarter.