Eurozone GDP contracts 2.5% in Q1 2009

from Q4 2008 is the report from Eurostat.  Some of the major countries fared as follows:

Germany     -3.8%

Spain            -1.8%

France         -1.2%

Italy             -2.4%

With regard to the reliability of these numbers, the report indicates that “Simulations and previously published flash estimates have shown the flash estimation procedure to be reliable. Over the last 33 quarters, the flash estimate of GDP growth on the previous quarter for the euro area (EA12) when compared to the following first regular release has led to an average revision of less than 0.01 percentage points. It correctly anticipated the acceleration or deceleration of growth 28 times. The value of the growth rate was correctly anticipated 28 times and differed by ±0.1 percentage points 5 times.”

A Fistful of Euros has a piece with detailed analysis of the German situation here.

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