LONDON - It is official. With their exporters grappling with a strong currency and banks still reeling from investments soured by the dreaded subprime mortgage crisis, European economies have been shrinking.The euro zone contracted by 0.2%, quarter on quarter, and grew by 1.5% on an yearly basis in the second quarter, the European Union's official statistics office, Eurostat, said Thursday. The figures were in line with expectations, with no revisions made by Eurostat. Separate data showed Thursday that the economies of both Germany and France contracted in the second quarter.
Germany's economy shrank by 0.5%, which was less than the 0.7% fall expected by economists, while the French economy contracted by 0.3%. Experts had been penciling in a 2.0% rise for France. Read more >>
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