Eurozone economy shrinks for sixth quarter in succession

The continuing recession in the eurozone has been confirmed by the GDP figures for the first quarter of this year — making it the sixth quarter in a row in which the economy shrank.

The European Commission was putting the best possible interpretation on the figures, saying they were broadly in line with expectations, and with the first flash estimate issued last month.

There were no figures for Ireland. The Central Bank has forecast modest growth of 1.2% for the year while the last official figures for the fourth quarter of 2012 showed zero growth.