The statistical reports show that in January-March period of current year the Eurozone GDP stood unchanged from the fourth quarter of previous year. The value came better than pessimistic drop outlooks of 0.2% on a quarterly basis.


The first quarter reading signalized the Eurozone economy had stepped out of negative area. The annual Eurozone GDP did not show any changes, while the analysts expected to see a 0.2% downtrend, compared to the first quarter of 2011.


Italy was one of the countries to publish its gross domestic product performance:


its GDP shrank by 0.8% on a quarterly basis and by 1.3% - year-on-year. This is the third quarterly easing which points to a full-scale recession in the third biggest Union economy.


In addition, the Greek GDP value had lost 6.2% for January to March period.


This was relatively better than a slump observed in the last quarter of 2011, when the Greek economy had contracted by 7.5%.


Presently, Greece is on the edge of seceding from the European Union. Political battles in the country and new parliament elections only deepen the uncertainty and prevent necessary economic reforms.