From the Economist (emphasis ours):
THE euro area is falling into such a deep hole that the recovery, when it eventually comes, will be a long, hard journey. Figures released on Friday May 15th showed that GDP in the 16-country currency zone fell by 2.5% in the first quarter, an annualised rate of some 10%, far worse than many analysts had feared. Germany, the largest economy in the group, fell even harder: its GDP shrank by 3.8% in the three months to March and has plunged by almost 7% since its recession began a year ago. Italy’s GDP fell by 2.4% in the quarter; Spain’s by 1.8%. The 1.2% fall in France, large by any normal standards, almost counts as a boom.
Via Dealbreaker.
Update: Couldn’t resist directing people to this (H/T Alea).
Related links:
German economy shrinks 3.8% – FT
The eurozone’s terrible recession – FT Lex
Europe’s economic weather forecast – FT interactive feature
Why the ECB is a good bank with rubbish assets – FT Alphaville