BRUSSELS: The economy of the euro zone and nearly half its member states contracted in the second quarter 2003 but the European Commission expects a recovery in the coming months, reports showed yesterday.
Euro zone gross domestic product (GDP) fell 0.1% from the previous quarter, as expected. It was the first contraction since the fourth quarter 2001 and a downward revision from an early Eurostat estimate that had reported stagnant activity.
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