May 27, 2012
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Eurozone economic growth halts in Q4
8 April 2010 / AP, LONDON
The economic recovery in the 16 countries that use the euro ground to a halt in the last three months of 2009 as output stagnated in Germany and contracted once again in Italy, official figures showed Wednesday.
In its latest estimate for the quarter, Eurostat, the EU’s statistics office, said eurozone economic activity was flat, in contrast to its previous prediction of 0.1 percent quarterly growth. The downward revision was unexpected and provides further evidence of how fragile the recovery in the eurozone is -- it was only in the third quarter of 2009 that the bloc emerged from recession with 0.4 percent growth. The figures are expected to cement market expectations that the European Central Bank will keep its key interest rate on hold at the record low of 1 percent for much, if not all, of this year.
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