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No growth until late-2013 warns Rehn (Photo: European Commission)

Eurozone still mired in recession

The eurozone economy shrank in the final three months of 2012, dealing a blow to those hoping that the bloc's recession had run its course.

According to estimates released on Thursday (14 February) by EU statistics agency Eurostat, economic output in the 17 eurozone countries fell by 0.6 per cent of GDP. This compares with a 0.5 per cent decline across the EU as a whole.

The figures completed a dismal year for the bloc, with the eurozone economy falling by 0.5 per cent over the ...

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