Eurozone GDP Contracts

Eurozone economy has recorded a bigger shrunk in its economy than was estimated in the last three years of 2008.As per the EU's Eurostat office GDP in the 15 nation area fell 1.6%, more than the 1.5% expected.

In Fx trading, euro declined against the dollar to $1.3270 amidst fears the economy could contract even further in 2009.As of now the Eurozone includes 16 countries that use euro as their national currency. Slovakia was the 16th nation to switch to the euro at the beginning of this year.

Analysts are worried that GDP contraction in the eurozone must have been worse in the first quarter of 2009.The data and survey evidence collected has largely been gloomy. Analysts are expecting slow recovery.

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