Europe has sunk deeper into recession in the first quarter of this year – accelerating a year of contraction in the eurozone.
German exports tumbled with the country’s gross domestic product suffering its biggest fall in the quarter since re-unification nearly twenty years ago. The French economy also fell heavily – although less dramatically – GDP was down by 1.2 per cent. France’s economic ministry said it expected the country’s economy to fall by three per cent this year. The figures for the state of Europe’s economy are much worse than expected although some analysts believe recession has reached its lowest point. The latest figures show a similar picture across Europe. Britain, which is not in the eurozone but depending heavily on trade with euro neighbours, is reporting the biggest GDP fall since 1979. Hundreds of thousands of demonstrators have taken to the streets demanding a solution to the on going crisis. A number are being held: Brussels today, followed by Berlin and Prague on Saturday. All this comes as Europe continues to wallow in recession