The European Union suffered a record fall in growth during the first quarter of 2009, with the EU's statistics office, Eurostat, estimating a drop of 2.5 percent of GDP in both the EU27 and the euro area compared to the previous quarter.
The new figures – released on Friday (15 May) - translate into an annual fall of 4.4 percent and 4.6 percent for the EU27 and euro area respectively when compared with the same quarter of 2008.
Despite the fact that the financial crisis originall...
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