Eurozone Recession Gets Worse

GDP dropped an estimated 0.6 percent in the fourth quarter

Euro fall in the final three months of 2012 is the biggest quarter-on-quarter fall in a year of contraction, according to figures from European statistical agency Eurostat. 

The worse-than-expected decline—the deepest since the first quarter of 2009—was driven by GDP slumps in the bloc's major economies, including a shock 0.6pc contraction in Germany and a 0.3pc fall in French output in the fourth quarter.