Eurozone economic contraction is expected to continue

02/25/2013 | EUObserver (Brussels)

The European Commission says the eurozone economy will contract 0.3% this year, bringing a second year of recession. The forecast contrasts with an earlier estimate of 0.1% growth. Meanwhile, the average budget deficit decreased by 1.5% last year, to 3.5% of gross domestic product, still higher than the eurozone's 3% goal.

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