Europe’s GDP drops in 2012 Q4

<p>GDP was down by 0.6 per cent in the euro area.</p>

The last three months of 2012 saw GDP for the euro area fall by 0.6 per cent, while the figure for the EU27 was recorded as being 0.5 per cent.

Eurostat, the statistical office of the European Union, published estimates relating to the growth of economies around the continent in the last three months of 2012.

Compared with the same quarter of the previous year, it was revealed by the body that GDP fell by close to one per cent in the euro area and by 0.6 per cent in the EU27 in the fourth quarter of 2012, which came after -0.6 per cent and -0.4 per cent respectively in the previous quarter.

"During the fourth quarter of 2012, GDP in the US was stable compared with the previous quarter (after +0.8 per cent in the third quarter of 2012)," it was noted in a Eurostat statement.

Revised figures recently released by the Commerce Department in the US revealed GDP grew by 0.1 per cent at the end of 2012, which led to stocks remaining static.

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