The eurozone economy fell less than expected in the first quarter

The European Union's statistics office Eurostat said that the eurozone economy declined less than expected as the gross domestic product (GDP) in the 19 member states of the eurozone fell 0.3% in the first quarter of this year.

The GDP in the Eurozone fell by 0.6% in the fourth quarter of last year, and on an annual basis the GDP in the Eurozone fell by 1.3% compared to the previous estimate of -1.8%. Employment in the eurozone fell 0.3% in the first quarter of this year, while on an annual basis employment fell by 1.8%, Eurostat added that rising inventories added 0.7% to GDP in the first quarter, while investment and trade added 0.1%.