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The euro-zone economy Shrinks 2.5% in 1st Quarter

European Economy plunged deeper into recession during the first quarter according to figures on gross domestic product released Friday.
Gross domestic product declined by 2.5 percent during the first quarter from the previous quarter in the 16 nations that use the euro currency and the 27-country European Union, according to an initial estimate from  the E.U.’s statistical office. 
Gross domestic product of Germany, the largest European economy declined 3.8 percent in the first quarter of this year from the fourth quarter last year when it fell 2.2 percent. The fall is more severe than the expected 3 percent decline.
The French economy  shrank by  1.2 percent from the fourth quarter, when it slipped 1.5 percent. This is the fourth straight quarter fall for the French economy.

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