Eurozone Economy Expected to Shrink in 2013

According to the European Commission

The European Commission says the eurozone economy will shrink in 2013, after previously predicting that it would grow slightly.

Delivering its winter forecast, vice-president Olli Rehn said the 17 economies in the eurozone would collectively shrink by 0.3% this year.

The Commission had previously predicted overall GDP growth of 0.1%.