The recession in the euro-zone economy was the highest for 13 years.

Eurozone GDP in the fourth quarter of 2008 fell by 1.6 percent compared with the previous quarter. This is stated in the official press release published on the website of Eurostat. Thus, Eurostat said its February estimate that in the fourth quarter of the economies of the euro zone dropped by 1.5 percent.
The recession in the euro-zone economy in the October-December last year was the highest in 13 years - since the beginning of the collection of data for GDP in 1995. That was reported by Bloomberg.
In addition, Eurostat has also deteriorated assessment falling GDP relative to the fourth quarter of 2007. Economies in the October-December 2008 declined relative to the same period of 2007 to 1.5 per cent, rather than 1.2 percent, according to the Statistical Service in February. A total of 2008 on the basis of region's economy grew by 0.8 per cent.
According to the European Commission, this year the euro zone GDP will decrease by 2,2-3,2 percent. The reason is the decline of world financial and economic crisis, which acts euro zone economy in 2008, first entered into recession. GDP of the region during the second and third quarters in a row, declining 0.2 percent.