Euro zone 1st-Q contraction confirmed at 2.5%; annual fall a bit bigger than 1st reading

Official figures confirmed the 16 countries that use the euro saw output shrink by 2.5% in the 1st-Q 2009 from the previous 3 month period as the global recession sapped the industrial exports that the euro zone relies on for growth. Though the final estimate left the quarterly rate unchanged, the annual drop was greater than anticipated. GDP in the euro zone fell by 4.9% in the 1st-Q compared to the 1st-Q 2008 -- slightly more than the previous reading of a 4.8% contraction. Eurostat confirmed Germany, the euro zone's biggest economy, saw output plunge by a quarterly 3.8% as demand for its cars & factory machinery collapsed -- its biggest economic contraction since at least