Euro-zone economy contracted by 0.2% in the first quarter of 2013

Euro-zone economy contracted by 0.2% in the first quarter of 2013. It was worse than the estimates of 0.1% contraction. Recall that French economy had contracted by 0.2% and fallen into recession, while German economy had grew by just 0.1% which was worse than expectations. In addition, other leading economies in Euro-zone, Spanish and Italian economies, both had contracted by 0.5% in the first quarter.