The euro-area economy shrank in the second quarter after the worsening debt crisis and tougher budget cuts forced at least six nations into recessions.
Gross domestic product in the 17-nation currency bloc fell 0.2 percent from the first quarter, when it stagnated, the European Union's statistics office in Luxembourg said today. That's in line with the median estimate of 35 economists in a Bloomberg survey. The contraction was softened by stronger-than-forecast growth in Germany, the region's largest economy.
Europe's slump is deepening as governments struggle to restore investor confidence and companies eliminate jobs. While Germany's economy helped to support the euro region in the first half, surveys are weakening, with a gauge of investor confidence dropping in August. The Bank of Japan today cited the euro turmoil among risks to its economy.
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